Start with the checker to decide whether your BlackRock RWA intent is actionable, monitor-only, or boundary. Then use the report layer for dated evidence, key numbers, peer tradeoffs, risk controls, and next actions.
Published: 2026-02-21 | Last reviewed: 2026-02-21
Enter your intent, eligibility posture, evidence discipline, and channel readiness. The output always includes interpretation, boundary conditions, and a next action.
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The page is strongest on launch milestones, current metrics, and peer comparisons; weaker on universally disclosed retail pathways and default-series history.
This section compresses decision-critical insights before deep dives into methodology, timeline, and risk controls.
| Metric | Value | Status | Context | Decision relevance |
|---|---|---|---|---|
| DeFiLlama latest BUIDL size | $2,462,345,282 | Known | api.llama.fi/protocol/blackrock-buidl @ 2026-02-21 16:34 UTC | Useful for trend continuity and chain split analysis, but not a standalone execution denominator. |
| RWA.xyz latest BUIDL total asset value | $2,172,960,458 | Known | app.rwa.xyz/assets/BUIDL payload _updated_at 2026-02-21 06:21 UTC | Provides a second denominator and reveals timing mismatch risk versus DeFiLlama. |
| Cross-source gap on 2026-02-21 snapshot | $289,384,824 (13.32%) | Known | Computed from the two sources above | Any strategy should include confidence bands and stale-data checks before committing size. |
| BUIDL 30-day transfer turnover | 9.36% | Known | RWA.xyz trailing_30_day_transfer_volume / total_asset_value_dollar | Scale alone does not equal high transaction velocity for every mandate. |
| Documented primary subscription minimum | $5,000,000 | Known | RWA.xyz BUIDL primary_market__minimum_subscription_amt | Many users are outside direct primary access and should route to monitoring or alternatives. |
| Documented primary redemption minimum | $250,000 | Known | RWA.xyz BUIDL primary_market.redemption_minimum_amount | Redemption-size floors can invalidate small-ticket same-day liquidity assumptions. |
| Primary-market operational cutoff window | 2:30 PM ET subscribe wire / 3:00 PM ET redemption token delivery | Known | RWA.xyz BUIDL primary-market subscription and redemption process text | Missing these cutoffs can move expected same-day liquidity into the next operating window. |
| Form D/A cumulative sold amount and investor count | $3,251,152,228 and 42 investors (filed 2025-07-17) | Known | SEC Form D/A XML 000200468725000001 | Cumulative sold is not the same denominator as current on-chain asset value; live-position modeling should not substitute one for the other. |
| SEC filing minimum accepted field | $100,000 | Known | SEC EDGAR Form D XML (000201439024000001 and D/A 000200468725000001) | Do not treat this field as guaranteed practical minimum for all channel contexts. |
| U.S. Treasury 3M benchmark row used for spread check | 3.69% (2026-02-20) | Known | Official U.S. Treasury daily yield curve CSV (2026) | Updates BUIDL 7-day APY spread to -21.24 bps, avoiding stale-benchmark understatement. |
| Public daily portfolio mix (cash / T-bills / repo) time series | N/A | Unknown | Launch release states target composition, but reviewed public feeds do not provide stable daily weight disclosures. | Do not hard-code intraday liquidity stress assumptions from unpublished composition weights. |
| Public default history for BUIDL assets | N/A | Unknown | No stable public default-series field in reviewed sources | Credit and operational stress testing cannot rely on a fully disclosed default timeline here. |
| Retail open-access pathway | N/A | Unknown | Reviewed public materials focus on qualified/institutional pathways | Retail users should not infer immediate availability from RWA headlines. |
A one-source reading can overstate confidence. This page requires range-aware interpretation when sources disagree.
| Audience segment | Fit | Why |
|---|---|---|
| Institutional treasury or cash management desks | Suitable | Can apply channel, custody, and liquidity assumptions in a policy framework. |
| Compliance and legal teams | Suitable | Page is source-heavy with explicit eligibility, filing, and disclosure checkpoints. |
| Prime brokerage / collateral strategy teams | Conditional | Useful if collateral acceptance, transferability, and counterparty controls are verified case by case. |
| Retail “buy now” searchers | Not suitable | The route does not provide direct retail execution instructions and flags eligibility boundaries. |
| Headline-only momentum traders | Not suitable | Source lag and denominator mismatch make single-headline decisions fragile. |
This round audits where stage1-primary evidence was too thin, then closes high-impact gaps with dated regulatory or high-trust source updates. Pending items remain explicitly marked.
| Gap item | Severity | Stage1b closure | Status | Source anchor |
|---|---|---|---|---|
| Treasury benchmark was stale in stage1-primary narrative | High | Updated official 3M Treasury reference from 2026-01-02 (3.65%) to 2026-02-20 (3.69%), changing BUIDL spread to -21.24 bps. | Closed | U.S. Treasury daily yield curve CSV + RWA.xyz APY field |
| Execution liquidity assumptions lacked redemption floor and cutoffs | High | Added primary-market redemption minimum (250,000 USD) and cutoff windows (2:30 PM ET subscription wire / 3:00 PM ET redemption token delivery). | Closed | RWA.xyz BUIDL primary-market fields (2026-02-21 snapshot) |
| Regulatory boundary between Reg D distribution and MMF rules was implicit | High | Added explicit boundary mapping for Rule 506(c) accredited-verification requirement, Rule 503 filing cadence, and Rule 2a-7 liquidity-minimum non-equivalence. | Closed | SEC Release 2013-124 + SEC Form D compliance guide + Federal Register MMF reforms |
| Form D cumulative sold denominator was not contrasted with live asset value | Medium | Added Form D/A sold amount (3.251B USD) and investor count (42) and contrasted with 2026-02-21 live asset value (2.173B USD). | Closed | SEC Form D/A XML + RWA.xyz live asset value snapshot |
| Public daily portfolio-weight series for cash / T-bills / repo | Medium | Still no stable public daily composition series in reviewed sources; kept as Unknown with explicit no-assumption guidance. | Pending | Business Wire launch disclosure + public SEC/RWA fields |
Pending item is a portfolio-composition time series. Until a stable public field appears, this page keeps it marked as Unknown.
| Concept | Boundary statement | Valid when | Invalid when | Evidence |
|---|---|---|---|---|
| Rule 506(c) publicity vs purchaser eligibility | Public marketing is allowed only when all purchasers are accredited and issuer verification steps are applied. | Reg D 506(c) workflow is active and accredited-verification evidence is documented. | Treating broad publicity as proof of retail-open direct access. | SEC Release 2013-124 + Form D exemption code 06c |
| Form D signal vs live execution denominator | Form D/D-A provides offering-disclosure fields and cumulative sold figures, not a real-time outstanding-value feed. | Using filings for structure and historical offering context (e.g., sold amount, exemption path, investor count). | Substituting Form D sold amount for current asset value in liquidity or position-size models. | SEC Form D initial + D/A XML and filing guidance |
| Rule 2a-7 liquidity thresholds vs BUIDL assumptions | MMF reforms set 25% daily and 50% weekly liquid-asset minimums for 2a-7 funds. | Benchmarking registered MMF regimes or checking policy-reference differences. | Assuming private-placement BUIDL route automatically discloses or follows those exact buffers. | Federal Register 2023-13185 + Reg D offering context |
| Fund | Primary subscription minimum | Primary redemption minimum | 30d turnover | Counterexample / limit |
|---|---|---|---|---|
| BUIDL | $5,000,000 | $250,000 | 9.36% | Largest value in peer set, but highest access threshold and lower velocity than USYC/OUSG. |
| USYC | $100,000 | $0 | 35.50% | Much lower threshold than BUIDL and higher velocity, but lower 7-day APY in this snapshot. |
| OUSG | $5,000 | $5,000 | 49.06% | Strongest turnover in this peer set; shows that speed can come from smaller value pools. |
| BENJI | $20 | Unknown | 0.57% | Lowest entry threshold and broadest holder count, but turnover is the weakest in this snapshot. |
Method is explicit so users can reproduce assumptions and see where judgment enters the workflow.
Top four chains represent over 93% of current size in this snapshot, highlighting concentration risk for infrastructure assumptions.
Timeline helps separate structural signals from isolated headlines.
| Date | Milestone | Why it matters | Source type |
|---|---|---|---|
| 2024-03-20 | BlackRock launches BUIDL on Ethereum | Establishes the institutional starting point of BlackRock's public-chain tokenized fund strategy. | Business Wire release |
| 2024-11-13 | New multi-chain BUIDL share classes announced | Signals expansion from single-chain posture toward broader distribution and interoperability strategy. | PRNewswire release |
| 2025-03-13 | BUIDL surpasses $1B AUM | Crosses a scale threshold and shifts analysis from pilot narrative to institutional operating cadence. | PRNewswire release |
| 2025-03-25 | BUIDL share class launches on Solana | Adds ecosystem reach and affects where settlement and transfer workflows can be designed. | Securitize press release |
| 2025-11-14 | BNB chain launch + Binance collateral integration | Extends potential utility into collateral workflows and exchange-linked institutional operations. | Securitize press release |
| 2026-02-21 | Current snapshot for this page | Provides explicit dated context for all dynamic numbers in this report. | DeFiLlama + RWA.xyz snapshots |
Compare BUIDL with peer tokenized treasury funds on dimensions that change execution quality.
| Fund | Issuer | Total value | 30d transfer | 30d turnover | 7d APY | Holders | Investor scope | Interpretation |
|---|---|---|---|---|---|---|---|---|
| BUIDL | BlackRock / Securitize | $2.173B | $203.34M | 9.36% | 3.48% | 105 | U.S. qualified purchaser | Largest among this peer set by value, but turnover is below USYC and OUSG in this snapshot. |
| USYC | Circle | $1.718B | $609.72M | 35.50% | 3.05% | 53 | Non-U.S. investor | Lower size than BUIDL but materially higher transfer velocity, relevant for active collateral rotation. |
| OUSG | Ondo | $708.56M | $347.60M | 49.06% | 3.37% | 76 | U.S. qualified purchaser | Highest turnover in this snapshot; suitable benchmark when liquidity velocity is prioritized. |
| BENJI | Franklin Templeton | $894.15M | $5.05M | 0.57% | 3.52% | 1,042 | U.S. retail and institutional | Higher holder count with low transfer velocity, useful for comparing distribution breadth vs active flow. |
BUIDL leads on size but not on turnover. Select peers by mandate fit: velocity, holder breadth, and jurisdiction constraints.
Concrete scenarios show how different user profiles move through the same tool and report stack.
| Scenario | Assumptions | Process | Likely output |
|---|---|---|---|
| Institutional cash sleeve reallocation | Qualified purchaser mandate, 10M+ ticket, weekly liquidity horizon, licensed channel access. | Run tool -> compare peer turnover -> confirm denominator gap tolerance -> execute through approved counterparties. | Usually actionable mode with scanner and policy checklist as immediate next steps. |
| Prime collateral optimization | Needs transferable collateral utility, can tolerate model risk, and has legal resources for contract review. | Focus on timeline and collateral milestones, then compare turnover and chain availability by peer. | Monitor-to-actionable path depending on channel readiness and counterparty acceptance. |
| Research team writing board memo | No immediate trade, high requirement for source traceability, and explicit uncertainty labeling. | Use summary + methodology + source table, preserve known/unknown flags, avoid single-source claims. | High-confidence monitor mode suitable for strategy communication. |
| Retail user looking for instant buy access | Low ticket, uncertain eligibility, and social-feed-first evidence discipline. | Tool flags boundary -> route to suitability/risk -> provide alternative path via education and regulated venues. | Boundary mode with explicit no-trade recommendation on this page. |
Risks are concrete and paired with mitigation actions rather than generic warnings.
| Risk | Probability | Impact | Signal | Mitigation |
|---|---|---|---|---|
| Source denominator mismatch | High | High | 13.32% same-day gap between DeFiLlama and RWA.xyz for BUIDL snapshot values. | Use dual-source ranges and include timestamp lag checks before sizing or policy decisions. |
| Eligibility and distribution mismatch | Medium | High | Primary pathways emphasize qualified/institutional frameworks, while many visitors are retail intent. | Run suitability gate first and avoid projecting direct access from institutional announcements. |
| Form D denominator misuse | Medium | High | SEC Form D/A sold amount (3.251B USD as filed 2025-07-17) exceeds current live asset value (~2.173B USD on 2026-02-21). | Use Form D for structure context only; use dated live asset feeds for current exposure and liquidity modeling. |
| Liquidity overestimation | Medium | High | Large AUM figures can hide lower turnover relative to active peers like OUSG/USYC. | Benchmark turnover and holder concentration before operational assumptions are approved. |
| Operational cutoff miss for same-day liquidity | Medium | Medium | Primary-market process text requires subscription wires before 2:30 PM ET and redemption-token delivery before 3:00 PM ET. | Map cutoffs into treasury operations runbooks and pre-stage approval workflows before same-day funding assumptions. |
| Headline-driven execution pressure | High | Medium | Milestone announcements can be mistaken for immediate universal execution readiness. | Map every headline to a dated source, disclosed scope, and explicit boundary in workflow steps. |
| Regulatory scope drift across jurisdictions | Medium | High | Cross-border users may apply U.S.-specific filing signals without local legal reconciliation. | Require jurisdiction-by-jurisdiction legal sign-off before translating this page into execution actions. |
Address denominator mismatch and eligibility uncertainty first, then optimize secondary efficiency decisions.
Questions are grouped by interpretation, scope, and execution to reduce ambiguity in real workflows.
Sources include issuer releases, regulatory filings, market datasets, and explicit snapshot timestamps.
| Source | Date / snapshot | Type | Why it is used |
|---|---|---|---|
| Business Wire: BlackRock launches BUIDL on Ethereum | Published 2024-03-20 | Issuer / launch release | Used for launch baseline, product framing, and initial minimum-subscription context. |
| PRNewswire: BUIDL multi-chain share classes | Published 2024-11-13 | Issuer ecosystem release | Used for expansion timeline and distribution strategy signals. |
| PRNewswire: BUIDL surpasses $1B AUM | Published 2025-03-13 | Issuer ecosystem release | Used as institutional scale milestone in timeline section. |
| Securitize: BUIDL Solana share class launch | Published 2025-03-25 | Issuer platform release | Used for chain expansion and interoperability context. |
| Securitize: BUIDL on BNB chain + Binance collateral | Published 2025-11-14 | Issuer platform release | Used for collateral-utility and distribution-rail milestone. |
| DeFiLlama protocol API (blackrock-buidl) | Queried 2026-02-21 16:34 UTC | Market data API | Used for trend series, chain split, year-end closes, and peak/drawdown computations. |
| RWA.xyz BUIDL asset page payload | Queried 2026-02-21 06:21 UTC | Asset analytics payload | Used for total asset value, transfer volume, APY, holders, and primary-market details. |
| RWA.xyz USYC asset page payload | Queried 2026-02-21 06:21 UTC | Peer analytics payload | Used for peer turnover and investor-scope comparison. |
| RWA.xyz OUSG asset page payload | Queried 2026-02-21 06:21 UTC | Peer analytics payload | Used for peer turnover and APY comparison. |
| RWA.xyz BENJI asset page payload | Queried 2026-02-21 06:21 UTC | Peer analytics payload | Used for holder breadth and transfer activity comparison. |
| SEC Form D XML (initial filing) | Filed 2024-03-18 | Regulatory filing | Used for minimumInvestmentAccepted, federal exemption codes, and pooled-fund structure baseline. |
| SEC Form D/A XML (amendment) | Filed 2025-07-17 | Regulatory filing | Used for cumulative sold amount (3,251,152,228 USD), investor count (42), and continued 506(c)/3(c)(7) structure checks. |
| SEC release: Rule 506(c) implementation (2013-124) | Published 2013-07-10 | Regulatory release | Used for boundary language that 506(c) allows general solicitation only when purchasers are accredited and verification is performed. |
| SEC CorpFin Form D compliance and disclosure interpretation | Reviewed in this round on 2026-02-21 | Regulatory compliance guide | Used for Rule 503 filing cadence checks, including 15-day initial filing and annual-amendment requirement for continuous offerings. |
| Federal Register: Money market fund reforms (2023-13185) | Published 2023-07-12 | Regulatory rule publication | Used for Rule 2a-7 context (25% daily and 50% weekly liquidity minimums) and non-equivalence boundary versus Reg D private-placement workflow. |
| U.S. Treasury daily yield curve CSV (2026) | Latest available row used: 2026-02-20 | Government data feed | Used for 3-month Treasury reference rate in APY benchmark check and stage1b stale-row correction. |
Disclosure