BlackRock’s BUIDL reaches $100 million in dividends, pushing total assets beyond $2 billion.

BlackRock’s tokenized money market fund BUIDL has paid out roughly $100 million in dividends since its launch in March 2024, a milestone that underscores the growing institutional adoption of blockchain-based financial products. The figures were confirmed by Securitize, which acts as the fund’s transfer agent and administrator.

BUIDL invests in short-term U.S. Treasuries, repurchase agreements and cash equivalents and has grown to more than $2 billion in assets, ranking it among the largest tokenized cash vehicles in the market. The fund is the first tokenized Treasury-backed product to surpass $100 million in cumulative dividend distributions.

Structured as a regulated money market-style fund, BUIDL differs from stablecoins by issuing tokenized fund shares that settle on public blockchains. The structure allows qualified institutional investors to hold the asset onchain and receive yield directly from the underlying portfolio. Originally launched on Ethereum, the fund has since expanded to multiple blockchain networks as demand for onchain dollar yield products has increased.

The product has also found uses beyond passive yield. BUIDL tokens have been integrated into crypto market infrastructure, serving as collateral in trading and financing arrangements and as backing for stablecoins such as Ethena’s USDtb. This positioning places the fund at the intersection of traditional finance and blockchain-native markets.

Tokenized money market funds have grown rapidly over the past year as institutions seek regulated, yield-bearing alternatives to stablecoins. At the same time, regulators and policymakers have raised questions around settlement finality, liquidity assumptions and how tokenized securities may behave during periods of market stress.

BUIDL’s growth highlights the broader push to move collateral, settlement and yield strategies onchain, linking traditional short-term rates markets with emerging blockchain-based financial infrastructure.