BlackRock’s BUIDL Posts $100M in Dividends, Crosses $2B Valuation

Tokenized money market funds are steadily gaining recognition across financial markets, with BlackRock’s BUIDL fund among the products showing significant activity. Since its launch in March 2024, BUIDL has distributed roughly $100 million in dividends. These payments, derived from returns on the fund’s underlying assets, reflect the ability of blockchain-based financial products to generate consistent income at scale.

BUIDL’s Growth and Institutional Impact

Securitize, serving as BUIDL’s transfer agent and administrator, reported that the fund is now the first tokenized Treasury product to reach $100 million in cumulative dividends. BUIDL channels capital into near-term U.S. government securities, repo deals, and other cash-like holdings. Its valuation has now surpassed $2 billion, placing it among the largest blockchain-based cash products in operation

While initially launched on Ethereum, BUIDL has grown to operate across several blockchain networks as interest in on-chain dollar-yield products has strengthened. Its debut on Solana on March 25 coincided with the tokenized treasury market surpassing $5 billion in total assets. The fund operates under a regulated money market framework, issuing shares as blockchain tokens, with ownership and dividend distribution recorded directly on-chain.

Consequently, the milestone in dividends demonstrates that blockchain finance can function at a professional, large-scale level. Institutions holding BUIDL shares benefit from returns produced by the underlying assets, with distributions executed directly on the blockchain, removing intermediaries and streamlining operations.

BUIDL’s Increasing Influence in the Crypto Ecosystem

Beyond generating passive income, BUIDL tokens are increasingly integrated into the broader crypto ecosystem;

• They serve as backing for stablecoins, including Ethena’s USDtb, supporting their on-chain operations.
• The tokens are used as collateral across a variety of trading and financing arrangements, supporting liquidity and market activity.
• BUIDL’s role in the market was further strengthened in November when Securitize and Binance confirmed the tokens could be used as off-exchange collateral for trading on Binance.

This development reflects a wider trend of institutions adopting tokenized money market funds to gain regulated exposure to dollar-denominated yield. In 2025, the segment has grown rapidly, though authorities have highlighted potential challenges. These concerns include the finality of transactions, managing liquidity, and how tokenized securities could perform during periods of market volatility.

At the same time, the broader tokenized real-world asset market—excluding stablecoins—has expanded significantly, rising from roughly $5.5 billion at the end of 2024 to $18.2 billion by December 2025. In its 2025 review, Securitize reported that it had outpaced the overall tokenization market. The company’s total tokenized assets increased from $1 billion to $3.4 billion, while tokenized Treasuries climbed from $653 million to $2.4 billion. Net inflows over the same period surpassed $3 billion, setting a new record in the tokenization industry.

Regulatory Scrutiny and Risk Considerations

Despite rapid growth and adoption, tokenized money market funds are now receiving closer attention from experts and regulators. The Bank for International Settlements issued a warning in November that such products could present risks similar to, or even exceeding, those seen in traditional money market funds. 

Key areas of concern include liquidity risk, operational challenges, and compliance issues related to anti-money laundering and counter-terrorism financing—risks often associated with stablecoins and other blockchain-based instruments.