BlackRock USD (BUIDL)
Best for collateralised issuance at scale
How it rates
- $2,708m circulating, recorded independently
- Collateralised model (fiat-backed)
- Issued across 8 chains
- Reserve attestations are not scored in this category
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.
- MetPeg mechanism disclosed in the public dataset
Mechanism recorded as fiat-backed.
stablecoins.llama.fi/stablecoins - MetBacking model is collateralised rather than algorithmic
Recorded as fiat-backed.
stablecoins.llama.fi/stablecoins - MetCirculating supply published independently
$2,708m circulating at this check.
stablecoins.llama.fi/stablecoins - Met
- MetPrice tracked and at peg in the public dataset
Recorded price 1.0000.
stablecoins.llama.fi/stablecoins
- Met
- Met
- Met
- Met
- Met
- Not met
- Not met
- Not met
- Not met
- MetTraded within 0.5% of peg at this check
Recorded price 1.0000; deviation 0.00%.
stablecoins.llama.fi/stablecoins
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
A tokenised US Treasury fund from BlackRock with $2.71bn across eight chains, restricted to qualified investors rather than retail holders.
Our assessment
BUIDL has $2.71bn circulating across eight chains and traded at exactly 1.0000 at this check. It is a tokenised money market fund from the world's largest asset manager, and it is not a stablecoin in the sense most readers mean.
A fund share, not a payment token
BUIDL represents an interest in a fund holding US Treasuries and cash, with yield distributed to holders. Access is restricted to qualified investors under securities rules — you cannot simply buy it on an exchange. Comparing it to USDC on peg stability misses that these are different instruments serving different holders.
What tokenisation actually changes
Traditional fund shares settle in days through intermediaries. A tokenised share moves on-chain in seconds and can serve as collateral in venues that accept it. For institutions holding treasury cash, that is a meaningful operational improvement, and it is the reason this product exists.
The most credible issuer in the category
BlackRock brings regulatory standing, custody arrangements and operational infrastructure that no crypto-native issuer can match. If tokenised treasuries become standard financial plumbing, the presence of an issuer of this size is why. The counterpart is a permissioned asset with restricted transferability, which is the opposite of what crypto-native users usually want.
Who it suits
BUIDL fits institutions and qualified investors wanting on-chain treasury exposure with a major issuer. Retail users needing a dollar for trading or payments should hold USDC, USDT or PYUSD.
How rivals compare
Frequently asked
Does this score assess the quality of reserves?
No. Reserve attestations vary too much between issuers to compare from one public source. The score covers backing model, scale and distribution; read the issuer's own reserve reporting separately.
Where does the data come from?
A public stablecoin dataset queried at the verification date. Anyone can re-run the same query.
Why are algorithmic stablecoins scored lower?
The rubric credits collateralised backing explicitly. Algorithmic designs have the weakest track record and the indicator reflects that.