BUIDL, a tokenized money market fund (MMF) launched by BlackRock, the world's largest asset management company, has surpassed $100 million in cumulative dividends, proving that real asset tokenization (RWA) is moving beyond the experimental stage and establishing itself as a full-fledged financial infrastructure.
According to tokenization platform Securitize on the 30th (local time), BlackRock's BUIDL fund has paid out approximately $100 million (approximately KRW 143 billion) in dividends on-chain since its launch in March 2024. Securitize is acting as BUIDL's issuance and transfer agent, handling the fund's token issuance and investor acquisition.
BUIDL is a structure that invests in short-term, dollar-denominated safe assets such as U.S. Treasury bonds (T-bills), repurchase agreements (Repos), and cash equivalents. Investors simply purchase and hold BUIDL tokens, and receive dividends directly on the blockchain from the interest generated from these assets. This maintains the revenue structure of traditional money market funds, while processing payments and settlements on-chain.
Initially launched on the Ethereum blockchain, BUIDL has since expanded to six major blockchains, including Solana, Aptos, Avalanche, and Optimism. This is the backdrop to its reputation for delivering the same stability and liquidity as traditional financial products, even in a blockchain-native environment.
This $100 million dividend is significant not because it's a short-term event, but because it represents a long-term, cumulative performance based on actual U.S. Treasury yields. It's interpreted as a symbolic milestone, demonstrating that tokenized securities have moved beyond proof-of-concept (PoC) and entered the real-world operational phase.
BUIDL's growth is evident in the numbers. Total assets under management (AUM) have already surpassed $2 billion (approximately KRW 2.6 trillion). Tokenized money market funds are emerging as one of the fastest-growing segments in the on-chain RWA market.
The market believes the BUIDL case demonstrates that tokenized real assets can function as real financial infrastructure, not just theory or marketing. In addition to returns similar to traditional money market funds, blockchain-based fast settlement, transparent ownership management, and automated, programmable dividend structures are attracting the attention of institutional investors.
Some have raised the possibility that tokenized MMFs could be used as a complement or alternative to stablecoins in the future. In July, JP Morgan strategist Teresa Ho analyzed that tokenized money market funds could retain the traditional appeal of cash assets while also replacing some of the roles played by stablecoins in a changing regulatory environment.
However, there are also voices of caution. The Bank for International Settlements recently warned in a report that if tokenized MMFs are widely used as collateral in the digital asset market, operational and liquidity risks could increase. This suggests that as traditional finance and blockchain intertwine, balancing technology and regulation remains a challenge.
The success of BUIDL is clear. Tokenized real assets are no longer a future possibility, but have entered the already functioning financial system, leaving significant ripples in the global financial market.
