BlackRock BUIDL
Best for independently tracked protocol
How it rates
- $3,514m recorded independently
- No audit report linked in the public dataset at this check
- No accounting methodology published at this check
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- Not metIndependent audit report linked publicly
No audit report linked in the public dataset at this check.
defillama.com/protocol/blackrock-buidl - Not met
- MetTracked by an independent analytics platform
Listed with published value and history.
defillama.com/protocol/blackrock-buidl - Not met
- Met
- Met
- MetProtocol economics published independently
Value and change history published.
defillama.com/protocol/blackrock-buidl - Not met
- PartialFee or reward model documented publicly
Application reachable for review; specific rates not captured at this check.
securitize.io/ - MetNo account required to reach the application
Reachable without an account at this check.
securitize.io/
- Met
- Met
- Met
- Met
- Met
- Met
- Not met
- Met
- Met
- Not met
- Met
- Met
- Not met
- Not met
- Met
A tokenised treasury fund from the world's largest asset manager, holding $3.51bn across eight chains under permissioned access rules.
Our assessment
BUIDL holds $3.51bn across eight chains. Assessed as a fund it is exceptional; assessed as a DeFi protocol — which is what this comparison does — it scores 6.3, and the gap is instructive.
Our rubric asks DeFi questions
We check for published audits, on-chain verifiability, documented mechanics and open access. BUIDL is a regulated fund: its assurance comes from securities law, an auditor and a custodian rather than from contracts anyone can inspect. Those are strong controls answering a different set of questions from the ones we ask.
Permissioned access is the structural difference
Only qualified investors can hold it, transfers are restricted to approved addresses, and the token cannot circulate freely. That is required by the regulatory structure and it means the composability that makes DeFi assets useful is largely absent. It is a fund share that settles on a blockchain, which is a genuine innovation and not a DeFi primitive.
What its presence signals
The world's largest asset manager issuing a tokenised fund at this scale is the clearest evidence that on-chain settlement is being adopted by mainstream finance. That matters more for the sector's direction than the score does.
Who it suits
BUIDL fits qualified investors and institutions wanting treasury exposure with on-chain settlement. Retail users and DeFi participants should look at Ondo, which is designed to be composable.
How rivals compare
Frequently asked
Does this score mean BlackRock BUIDL is safe?
No. It measures what an outsider can verify: linked audits, published methodology and independently recorded data. Contract and custody risk are not tested by us.
Where do these figures come from?
A public analytics dataset queried at the verification date, plus the audit reports it links. Anyone can re-run the query.
Why do some protocols score zero on audits?
Because no audit report is linked in the public record. It records what a user can reach, not a claim that no audit exists.