BlackRock’s tokenized money market fund, BUIDL, has distributed approximately $100 million in dividends since launching in March 2024, highlighting the growing viability of blockchain-based finance at scale. The data was provided by Securitize, the tokenization firm acting as the fund’s transfer agent and administrator.

The fund invests in short-dated U.S. Treasuries, repurchase agreements and cash-equivalent instruments and has accumulated more than $2 billion in assets, placing it among the largest tokenized cash products currently available. The milestone makes BUIDL the first tokenized Treasury-backed fund to exceed $100 million in lifetime dividend payments.

Unlike stablecoins, BUIDL is structured as a regulated money market-style vehicle, with fund shares issued as tokens that settle on public blockchains. This structure allows qualified institutional investors to hold and receive yield onchain. Initially launched on Ethereum, BUIDL has since expanded to multiple networks as institutional demand for onchain dollar yield products continues to increase.

Beyond serving as a yield-bearing investment, BUIDL has become embedded within crypto market infrastructure. Its tokens are used as collateral in trading and financing arrangements and have been adopted as backing for stablecoins such as Ethena’s USDtb, reinforcing its role as a bridge between traditional financial markets and blockchain-native applications.

Tokenized money market funds have grown rapidly over the past year as institutions seek regulated, yield-generating alternatives to stablecoins. Even so, regulators and policymakers have raised concerns around settlement finality, liquidity assumptions and the performance of tokenized securities during periods of market stress.

BUIDL’s expansion places it at the intersection of traditional short-term interest-rate markets and the broader push to bring collateral management, settlement and yield strategies onchain, underscoring the evolving role of tokenization in financial infrastructure.