BUIDL vs USDSM
BlackRock USD and Stable Mint USD, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and BUIDL/USDSM 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
Stable Mint USD is a dollar-denominated token tracked across 4 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Caution
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 96 | 39 | 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% | −1.901% | BUIDL |
| 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 | $12.23M | BUIDL |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 8 chains | 4 chains | BUIDL |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 3.59% | 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 39), 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 3.59% — 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 USDSM?
Capital preservation over everything else.
For park cash safely, BUIDL is the better fit over USDSM.
- Safety score 96 vs 39, with collateral rated 100/100.
- Current peg deviation 0.000% against -1.901% for USDSM.
- 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: 3.59% is earned outside the token itself.
USDSM
- Issuer and banking risk: reserves sit with Undisclosed under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
| Metric | BUIDL | USDSM |
|---|---|---|
| Category | Tokenized Treasury | Stablecoin |
| Issuer | BlackRock / Securitize | Undisclosed |
| Jurisdiction | United States (Reg D) | Not documented |
| Collateral | treasuries | fiat-backed |
| Peg mechanism | fiat-backed | fiat-backed |
| Attestation | daily | none |
| Redemption | direct | market-only |
| Price | $1.0000 | $0.9810 |
| Peg deviation | 0.000% | −1.901% |
| Market cap | $2.74B | $12.23M |
| 7d supply change | +1.20% | −0.06% |
| Liquidity | $3.55B | $0.00 |
| Best yield | 3.59% (blackrock-buidl · Ethereum) | None |
| Chains | 8 | 4 |
| Launched | 2024 | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (BUIDL vs USDSM)
- +193.8 bps
- $1.0000 vs $0.9810
- Peg deviation gap
- -1.901 pp
- BUIDL 0.000% · USDSM −1.901%
- Yield spread
- +3.59%
- BUIDL 3.59% · USDSM —
- Liquidity ratio
- —
- $3.55B vs $0.00
A round trip between BUIDL and USDSM costs roughly the market spread plus venue fees. At 193.8 bps of price gap, swapping $1M implies about $19.4K 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 USDSM 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, USDSM on 4. 2 chains carry both, so bridging is only unavoidable for the 8 networks where just one of them is deployed.
| Chain | BUIDL | USDSM | Both available |
|---|---|---|---|
| $1.19B | $5.00M | Yes | |
| $741.42M | — | BUIDL only | |
| $634.39M | — | BUIDL only | |
| $111.06M | — | BUIDL only | |
| $26.37M | — | BUIDL only | |
| $16.18M | — | BUIDL only | |
| $13.48M | — | BUIDL only | |
| $8.54M | $554.5K | Yes | |
| — | $6.09M | USDSM only | |
| — | $581.8K | USDSM only |
BUIDL vs USDSM: frequently asked questions
Is BUIDL or USDSM safer?
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On our composite safety score BUIDL rates 96/100 versus 39/100 for USDSM. The score weighs collateral quality (treasuries vs fiat-backed), 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 USDSM?
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BlackRock USD is issued by BlackRock / Securitize (United States (Reg D)), backed by treasuries, with redemption terms: direct. Stable Mint USD is issued by Undisclosed (Not documented), backed by fiat-backed, with redemption terms: market-only. Attestation coverage is "daily" for BUIDL and "none" for USDSM.
Which has the bigger market cap, BUIDL or USDSM?
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BUIDL is larger at $2.74B in circulating supply, against $12.23M for the other. Over the last 7 days supply moved +1.20% for BUIDL and −0.06% for USDSM.
Are BUIDL and USDSM trading at $1.00 right now?
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BUIDL trades at $1.0000 (0.000% off peg) and USDSM at $0.9810 (−1.901% off peg). The gap between the two is about 193.8 basis points, which is the cost you pay when rotating size between them before fees.
Has BUIDL or USDSM ever depegged?
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BUIDL: no material depeg recorded in our incident set. USDSM: 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 USDSM?
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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; USDSM: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on BUIDL or USDSM?
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BUIDL currently shows the higher rate at 3.59% via blackrock-buidl · Ethereum, against no tracked rate for USDSM. 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 USDSM?
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Both are deployed on 2 shared networks, including Ethereum, Arbitrum. BUIDL spans 8 chains in total and USDSM spans 4. 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 USDSM?
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Budget three components: the current price spread of roughly 193.8 bps, swap or venue fees, and slippage against available depth ($3.55B for BUIDL, $0.00 for USDSM). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is BUIDL or USDSM regulated?
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BUIDL is issued from United States (Reg D) with daily; USDSM is issued from Not documented with none. 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.