BUIDL vs MIDAS RWA
BlackRock USD and Midas RWA, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and BUIDL/MIDAS RWA spread
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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
Midas RWA issues dollar-denominated tokenized real-world assets across 14 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 96 | 62 | BUIDL |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 100 | 55 | BUIDL |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $3.55B | $0.00 | BUIDL |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 100 | 48 | 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 | 61 | 53 | BUIDL |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $2.74B | $128.59M | BUIDL |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 8 chains | 14 chains | MIDAS RWA |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 3.60% | None | 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 62), 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: BUIDL or MIDAS RWA?
Capital preservation over everything else.
For park cash safely, BUIDL is the better fit over MIDAS RWA.
- Safety score 96 vs 62, with collateral rated 100/100.
- Current peg deviation 0.000% against 0.000% for MIDAS RWA.
- 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
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.
MIDAS RWA
- Issuer and banking risk: reserves sit with Midas RWA under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
| Metric | BUIDL | MIDAS RWA |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | BlackRock / Securitize | Midas RWA |
| Jurisdiction | United States (Reg D) | Not documented |
| Collateral | treasuries | treasuries |
| Peg mechanism | fiat-backed | asset-backed |
| Attestation | daily | monthly |
| Redemption | direct | gated |
| Price | $1.0000 | $1.0000 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $2.74B | $128.59M |
| 7d supply change | +1.20% | −2.18% |
| Liquidity | $3.55B | $0.00 |
| Best yield | 3.60% (blackrock-buidl · Ethereum) | None |
| Chains | 8 | 14 |
| Launched | 2024 | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (BUIDL vs MIDAS RWA)
- -0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- BUIDL 0.000% · MIDAS RWA 0.000%
- Yield spread
- +3.60%
- BUIDL 3.60% · MIDAS RWA —
- Liquidity ratio
- —
- $3.55B vs $0.00
A round trip between BUIDL and MIDAS RWA 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 BUIDL and MIDAS RWA have actually behaved since launch, including every stress event we have on record.
- BUIDL
BlackRock USD goes live.
Chain coverage
BUIDL is live on 8 chains, MIDAS RWA on 14. 3 chains carry both, so bridging is only unavoidable for the 16 networks where just one of them is deployed.
| Chain | BUIDL | MIDAS RWA | Both available |
|---|---|---|---|
| $1.19B | $83.28M | Yes | |
| $741.42M | $4.8K | Yes | |
| $634.39M | — | BUIDL only | |
| $111.06M | — | BUIDL only | |
| $26.37M | — | BUIDL only | |
| — | $22.50M | MIDAS RWA only | |
| $16.18M | — | BUIDL only | |
| — | $14.06M | MIDAS RWA only | |
| $8.54M | $5.27M | Yes | |
| $13.48M | — | BUIDL only | |
| — | $3.07M | MIDAS RWA only | |
| — | $196.0K | MIDAS RWA only | |
| — | $133.9K | MIDAS RWA only | |
| — | $63.3K | MIDAS RWA only | |
| — | $8.0K | MIDAS RWA only | |
| — | $7.9K | MIDAS RWA only | |
| — | $6.2K | MIDAS RWA only | |
| — | $3.3K | MIDAS RWA only | |
| — | $1.4K | MIDAS RWA only |
BUIDL vs MIDAS RWA: frequently asked questions
Is BUIDL or MIDAS RWA safer?
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On our composite safety score BUIDL rates 96/100 versus 62/100 for MIDAS RWA. 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 BUIDL and MIDAS RWA?
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BlackRock USD is issued by BlackRock / Securitize (United States (Reg D)), backed by treasuries, with redemption terms: direct. Midas RWA is issued by Midas RWA (Not documented), backed by treasuries, with redemption terms: gated. Attestation coverage is "daily" for BUIDL and "monthly" for MIDAS RWA.
Which has the bigger market cap, BUIDL or MIDAS RWA?
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BUIDL is larger at $2.74B in circulating supply, against $128.59M for the other. Over the last 7 days supply moved +1.20% for BUIDL and −2.18% for MIDAS RWA.
Are BUIDL and MIDAS RWA trading at $1.00 right now?
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BUIDL trades at $1.0000 (0.000% off peg) and MIDAS RWA 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 BUIDL or MIDAS RWA ever depegged?
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BUIDL: no material depeg recorded in our incident set. MIDAS RWA: 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, BUIDL or MIDAS RWA?
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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 — BUIDL: direct; MIDAS RWA: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on BUIDL or MIDAS RWA?
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BUIDL currently shows the higher rate at 3.60% via blackrock-buidl · Ethereum, against no tracked rate for MIDAS RWA. 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 BUIDL and MIDAS RWA?
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Both are deployed on 3 shared networks, including Ethereum, Solana, Arbitrum. BUIDL spans 8 chains in total and MIDAS RWA spans 14. 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 BUIDL to MIDAS RWA?
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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 ($3.55B for BUIDL, $0.00 for MIDAS RWA). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is BUIDL or MIDAS RWA regulated?
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BUIDL is issued from United States (Reg D) with daily; MIDAS RWA is issued from Not documented with monthly. 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.