BLACKROCK BU vs BUIDL
BlackRock BUIDL and BlackRock USD, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and BLACKROCK BU/BUIDL spread
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BlackRock BUIDL issues dollar-denominated tokenized real-world assets across 8 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
BlackRock's tokenised US dollar institutional liquidity fund. Holds cash, Treasuries and repo, with daily NAV and same-day redemption for qualified purchasers.
Verdict band: Robust
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 66 | 96 | BUIDL |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 100 | BUIDL |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $0.00 | $3.55B | BUIDL |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 100 | BUIDL |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | 0.000% | 0.000% | Tie |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 61 | BUIDL |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $3.55B | $2.74B | BLACKROCK BU |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 8 chains | 8 chains | Tie |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 3.60% | BUIDL |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
BUIDL scores higher on safety (96 vs 66), driven mainly by collateral quality and disclosure. BUIDL has deeper tracked liquidity ($3.55B), which is what determines whether you can exit at size. BUIDL currently earns up to 3.60% — remember that any rate above the T-bill yield is payment for a risk.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: BLACKROCK BU or BUIDL?
Capital preservation over everything else.
For park cash safely, BUIDL is the better fit over BLACKROCK BU.
- Safety score 96 vs 66, with collateral rated 100/100.
- Current peg deviation 0.000% against 0.000% for BLACKROCK BU.
- No material depeg recorded for BUIDL in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
BLACKROCK BU
- Issuer and banking risk: reserves sit with BlackRock BUIDL under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
BUIDL
- Issuer and banking risk: reserves sit with BlackRock / Securitize under United States (Reg D) rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: daily.
- Yield venue risk: 3.60% is earned outside the token itself.
| Metric | BLACKROCK BU | BUIDL |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | BlackRock BUIDL | BlackRock / Securitize |
| Jurisdiction | Not documented | United States (Reg D) |
| Collateral | treasuries | treasuries |
| Peg mechanism | asset-backed | fiat-backed |
| Attestation | monthly | daily |
| Redemption | gated | direct |
| Price | $1.0000 | $1.0000 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $3.55B | $2.74B |
| 7d supply change | +0.48% | +1.20% |
| Liquidity | $0.00 | $3.55B |
| Best yield | None | 3.60% (blackrock-buidl · Ethereum) |
| Chains | 8 | 8 |
| Launched | — | 2024 |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (BLACKROCK BU vs BUIDL)
- +0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- BLACKROCK BU 0.000% · BUIDL 0.000%
- Yield spread
- -3.60%
- BLACKROCK BU — · BUIDL 3.60%
- Liquidity ratio
- 0.00×
- $0.00 vs $3.55B
A round trip between BLACKROCK BU and BUIDL costs roughly the market spread plus venue fees. At 0.0 bps of price gap, swapping $1M implies about $0.00 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Historical context
Track record is the part of a stablecoin you cannot model — it has to be observed. Here is how BLACKROCK BU and BUIDL have actually behaved since launch, including every stress event we have on record.
- BUIDL
BlackRock USD goes live.
Chain coverage
BLACKROCK BU is live on 8 chains, BUIDL on 8. 6 chains carry both, so bridging is only unavoidable for the 4 networks where just one of them is deployed.
| Chain | BLACKROCK BU | BUIDL | Both available |
|---|---|---|---|
| $1.19B | $1.19B | Yes | |
| $741.42M | $741.42M | Yes | |
| $634.39M | $634.39M | Yes | |
| $821.92M | $16.18M | Yes | |
| $111.06M | — | BLACKROCK BU only | |
| — | $111.06M | BUIDL only | |
| $13.48M | $13.48M | Yes | |
| $26.37M | — | BLACKROCK BU only | |
| — | $26.37M | BUIDL only | |
| $8.54M | $8.54M | Yes |
BLACKROCK BU vs BUIDL: frequently asked questions
Is BLACKROCK BU or BUIDL safer?
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On our composite safety score BUIDL rates 96/100 versus 66/100 for BLACKROCK BU. The score weighs collateral quality (treasuries vs treasuries), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between BLACKROCK BU and BUIDL?
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BlackRock BUIDL is issued by BlackRock BUIDL (Not documented), backed by treasuries, with redemption terms: gated. BlackRock USD is issued by BlackRock / Securitize (United States (Reg D)), backed by treasuries, with redemption terms: direct. Attestation coverage is "monthly" for BLACKROCK BU and "daily" for BUIDL.
Which has the bigger market cap, BLACKROCK BU or BUIDL?
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BLACKROCK BU is larger at $3.55B in circulating supply, against $2.74B for the other. Over the last 7 days supply moved +0.48% for BLACKROCK BU and +1.20% for BUIDL.
Are BLACKROCK BU and BUIDL trading at $1.00 right now?
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BLACKROCK BU trades at $1.0000 (0.000% off peg) and BUIDL at $1.0000 (0.000% off peg). The gap between the two is about 0.0 basis points, which is the cost you pay when rotating size between them before fees.
Has BLACKROCK BU or BUIDL ever depegged?
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BLACKROCK BU: no material depeg recorded in our incident set. BUIDL: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, BLACKROCK BU or BUIDL?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. BUIDL shows deeper on-chain liquidity at $3.55B versus $0.00. Combine that with the redemption channel — BLACKROCK BU: gated; BUIDL: direct — and size trades against the primary window rather than the order book where possible.
Can I earn yield on BLACKROCK BU or BUIDL?
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BUIDL currently shows the higher rate at 3.60% via blackrock-buidl · Ethereum, against no tracked rate for BLACKROCK BU. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both BLACKROCK BU and BUIDL?
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Both are deployed on 6 shared networks, including Ethereum, Aptos, Solana, Avalanche, Polygon, Arbitrum. BLACKROCK BU spans 8 chains in total and BUIDL spans 8. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from BLACKROCK BU to BUIDL?
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Budget three components: the current price spread of roughly 0.0 bps, swap or venue fees, and slippage against available depth ($0.00 for BLACKROCK BU, $3.55B for BUIDL). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is BLACKROCK BU or BUIDL regulated?
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BLACKROCK BU is issued from Not documented with monthly; BUIDL is issued from United States (Reg D) with daily. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.