BlackRock USD Institutional Digital Liquidity Fund - I Class

BlackRock USD Institutional Digital Liquidity Fund – I Class (BUIDL-I) is a security token issued on the Ethereum blockchain. It represents a specific share class (“I Class”) of the BlackRock USD Institutional Digital Liquidity Fund Ltd. The token follows the ERC-20 standard and maintains a fixed price of $1.00 USD per token. It provides exposure to a pool of short-term US Treasury instruments, including Treasury bills, notes, and repurchase agreements backed by such assets or by cash.

BUIDL-I is part of BlackRock’s initiative to bring traditional financial products onto blockchain infrastructure. It combines features typical of a regulated money market fund with tokenisation technology provided by Securitize. Investment management is handled by BlackRock Financial Management, Inc., while the Bank of New York Mellon acts as the fund’s asset custodian. Token transfers are subject to a whitelist system, ensuring only qualified investors can hold or trade the token.

BUIDL-I is designed to offer qualified institutional investors access to yield from low-risk, highly liquid US dollar-denominated assets via blockchain-based infrastructure. The token provides exposure to the same investment strategy as the main fund, aiming for current income consistent with liquidity and capital stability. It enables blockchain-native features such as flexible custody, programmable ownership, and potential peer-to-peer transfers, while remaining anchored in traditional financial oversight and risk management practices.

The tokenisation of this share class enables fractional ownership, operational efficiency, and the possibility for automated dividend distribution via smart contracts. However, access remains restricted to eligible institutional participants, in line with regulatory requirements and fund-specific investment terms.

BUIDL-I and BUIDL represent separate share classes of the same fund, the BlackRock USD Institutional Digital Liquidity Fund. While both tokens reflect ownership of a common pool of underlying assets—primarily short-term US Treasury securities—they are structured to serve different types of investors and use cases.

BUIDL-I is specifically designed for institutional investors, with higher minimum investment requirements, tailored fee structures, and distribution terms aligned with institutional practices. It is limited to the Ethereum blockchain and incorporates features such as whitelisting for regulated investor access. The I Class designation typically offers lower fees and is suited for institutional treasuries, asset managers, and similar entities.

In contrast, the original BUIDL token is aimed at a broader range of accredited investors. It has lower investment thresholds and is accessible across multiple blockchain networks, including Ethereum, Polygon, Solana, and Base. This share class is intended to support a wider variety of use cases, including fintech platforms, DAOs, and on-chain liquidity protocols.

Both tokens are managed using Securitize’s compliance and tokenisation infrastructure, but the differences in share class terms reflect BlackRock’s approach to segmenting investor access within a tokenised framework.