BUIDL vs TBILL
BlackRock USD Institutional Digital Liquidity Fund and OpenEden TBILL are both treasuries tokens, so this page compares them. BUIDL is issued by BlackRock USD Institutional Digital Liquidity Fund Ltd. on Aptos, Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Optimism, Polygon, Solana. TBILL is with no named issuer with no published chain list. The cited pages differ on issuer, custodian, fees, redemption, minimum size, chains. A dash is a field the issuer page does not state. The reverse URL redirects to this alphabetical pair.
All RWA tokens · BlackRock USD Institutional Digital Liquidity Fund · OpenEden TBILL
| Field | BlackRock USD Institutional Digital Liquidity Fund | OpenEden TBILL |
|---|---|---|
| Ticker | BUIDL | TBILL |
| Asset class | Treasuries | Treasuries |
| Issuer | BlackRock USD Institutional Digital Liquidity Fund Ltd. | — |
| Issuer jurisdiction | British Virgin Islands | — |
| Regulator | Offered under Rule 506(c) of the Securities Act of 1933 and Section 3(c)(7) of the Investment Company Act. The launch announcement says interests are not SEC-registered. BlackRock Financial Management, Inc., a Delaware corporation and SEC-registered investment adviser, is the investment manager. | The token issuer is a professional fund established under the British Virgin Islands Securities and Investment Business Act 2010 and regulated by the BVI Financial Services Commission. The introduction does not publish the fund's legal name. The investment manager, BNY Investments, is regulated by the Monetary Authority of Singapore. |
| Token type | Tokenized fund share. The fund invests 100% of its total assets in cash, U.S. Treasury bills, and repurchase agreements. It seeks a stable value of $1 per token and pays daily accrued dividends as new tokens each month. | TBILL is backed 1:1 by short-dated U.S. Treasury bills and a small portion of U.S. dollars. The introduction says the portfolio's weighted-average maturity is under three months. BNY Mellon Investment Management Singapore Pte. Limited is the investment manager. The fund is rated AA+f/S1+ by S&P Global Ratings and was assigned an A-bf bond-fund rating by Moody's. River Labs Pte Ltd provides the vault technology and is described as unregulated. |
| Custodian | Bank of New York Mellon, custodian of the fund's assets and its administrator. | BNY, custodian of the underlying U.S. Treasury bills. |
| Auditor | PricewaterhouseCoopers LLP, appointed as auditor for the period ending 31 Dec 2024. | TJ Assurance Partners PAC is named as fund auditor and Ernst & Young as independent auditor. Protege Fund Services is named as fund administrator. |
| Chains | Aptos, Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Optimism, Polygon, Solana | — |
| Fees | The Securitize BUIDL page lists a management fee on each chain in its share-class table, all with a $5 million minimum: Aptos 20 bps, Arbitrum 50 bps, Avalanche 20 bps, BNB Smart Chain 18 bps, Ethereum 50 bps, Optimism 50 bps, Polygon 20 bps, and Solana 20 bps. The page does not publish one fee that applies on every chain. | — |
| Redemption | Securitize is the transfer agent. The launch announcement says investors can transfer tokens to other pre-approved investors. The BUIDL page says a redemption request received in good order between 8:00 AM and 3:00 PM ET on the redemption date is for same-day settlement, and a request that misses that recording deadline is redeemed on the next redemption date. The page says BUIDL can be converted into USD every business day. | Investors subscribe by depositing USDC and redeem TBILL for USDC from the vault. Holders self-custody the tokens. Whitelisted wallets may transfer to other whitelisted wallets under the private placement memorandum. The introduction says on-chain subscription settles instantly and does not state a redemption timetable. |
| Minimum unit | Initial investment minimum $5 million. The Securitize page's eligibility table also lists a $250,000 subsequent minimum on the Ethereum qualified-purchaser row. | — |
| Launched | 2024-03-20 | — |
| Website | https://securitize.io/blackrock/buidl | https://openeden.com/ |
| CoinGecko id | — | — |
| Market cap | — | — |
| Supply | — | — |
Eligibility and redemption read from the issuer on 31 Oct 2026
How to buy BUIDL
Subscribe through Securitize at https://securitize.io/blackrock/buidl. The page says the investor verifies their identity, completes subscription documents, and sends funds by 11:00 a.m. New York time or 5:00 p.m. Luxembourg time on the subscription deadline so the money is deployed on the first day of the next month. The launch announcement says the interests will not be listed on any exchange. Securitize also offers a meeting with its investment team at https://securitize.io/buidl-booking-page.
The BUIDL page says token transfers are allowed only to whitelisted investors who have passed KYC and AML. Securitize says it collects identity information under securities rules and the USA PATRIOT Act.
Who can and cannot hold BUIDL
BlackRock USD Institutional Digital Liquidity Fund is issued from British Virgin Islands.
Regulator, as published: Offered under Rule 506(c) of the Securities Act of 1933 and Section 3(c)(7) of the Investment Company Act. The launch announcement says interests are not SEC-registered. BlackRock Financial Management, Inc., a Delaware corporation and SEC-registered investment adviser, is the investment manager.
The launch announcement offers BUIDL under Rule 506(c) of the Securities Act and Section 3(c)(7) of the Investment Company Act, and says the interests are not SEC-registered. They may not be offered or sold in the United States without registration or an exemption. The exemption in use limits the offering to verified accredited investors who are qualified purchasers. The Securitize page's eligibility table names qualified purchasers. Transfers go only to whitelisted investors. The pages do not publish a country list beyond that US securities restriction.
What redemption actually means in practice for BUIDL
The issuer does not publish a redemption minimum for BlackRock USD Institutional Digital Liquidity Fund.
The BUIDL page says the token can be converted into USD every business day. It does not name the paying bank's city. Bank of New York Mellon is the custodian of the fund's assets on the launch announcement, which is custody of the portfolio, not a delivery address for the holder.
The share-class table on the Securitize BUIDL page lists these management fees, each with a $5 million minimum: Aptos 20 bps, Arbitrum 50 bps, Avalanche 20 bps, BNB Smart Chain 18 bps, Ethereum 50 bps, Optimism 50 bps, Polygon 20 bps, and Solana 20 bps. The page does not publish one fee for every chain. The same page shows other fee rows that are not labeled with a fund name. Those rows are not recorded here.
The BUIDL page says a redemption request received in good order by the transfer agent between 8:00 AM and 3:00 PM ET on the redemption date is for same-day settlement. A blockchain redemption that is not recorded on the fund's books by that deadline is redeemed on the next redemption date. Dividends accrue to the holder of record at 3:00 p.m. ET and are paid the following business day as new tokens.
The issuer does not publish a storage fee for BlackRock USD Institutional Digital Liquidity Fund.
Direct purchase minimum: The share-class table lists a $5 million minimum on each chain it names. The eligibility table lists a $5 million initial minimum and a $250,000 subsequent minimum on the Ethereum qualified-purchaser row, in USD.
The issuer does not publish a reserve-report standard for BlackRock USD Institutional Digital Liquidity Fund.
How to buy TBILL
The cited catalog does not include an official how-to-buy path for OpenEden TBILL.
Who can and cannot hold TBILL
The issuer does not publish a jurisdiction for OpenEden TBILL.
Regulator, as published: The token issuer is a professional fund established under the British Virgin Islands Securities and Investment Business Act 2010 and regulated by the BVI Financial Services Commission. The introduction does not publish the fund's legal name. The investment manager, BNY Investments, is regulated by the Monetary Authority of Singapore.
The cited catalog does not include a restricted-holder statement for OpenEden TBILL.
What redemption actually means in practice for TBILL
Redemption, as published: Investors subscribe by depositing USDC and redeem TBILL for USDC from the vault. Holders self-custody the tokens. Whitelisted wallets may transfer to other whitelisted wallets under the private placement memorandum. The introduction says on-chain subscription settles instantly and does not state a redemption timetable.
The issuer does not publish a minimum size for OpenEden TBILL.
The issuer does not publish an issuer fee for OpenEden TBILL.
BlackRock USD Institutional Digital Liquidity Fund sources
OpenEden TBILL sources
Questions
Yes. Both are treasuries. RWA Leads does not publish a comparison across asset classes.
BlackRock USD Institutional Digital Liquidity Fund: BlackRock USD Institutional Digital Liquidity Fund Ltd.. OpenEden TBILL: the cited pages do not name an issuer.
BUIDL fees: The Securitize BUIDL page lists a management fee on each chain in its share-class table, all with a $5 million minimum: Aptos 20 bps, Arbitrum 50 bps, Avalanche 20 bps, BNB Smart Chain 18 bps, Ethereum 50 bps, Optimism 50 bps, Polygon 20 bps, and Solana 20 bps. The page does not publish one fee that applies on every chain.. TBILL fees: not stated. BUIDL redemption: Securitize is the transfer agent. The launch announcement says investors can transfer tokens to other pre-approved investors. The BUIDL page says a redemption request received in good order between 8:00 AM and 3:00 PM ET on the redemption date is for same-day settlement, and a request that misses that recording deadline is redeemed on the next redemption date. The page says BUIDL can be converted into USD every business day.. TBILL redemption: Investors subscribe by depositing USDC and redeem TBILL for USDC from the vault. Holders self-custody the tokens. Whitelisted wallets may transfer to other whitelisted wallets under the private placement memorandum. The introduction says on-chain subscription settles instantly and does not state a redemption timetable..
The slugs in alphabetical order: /compare/buidl-vs-tbill. The other order is a permanent redirect.
BlackRock USD Institutional Digital Liquidity Fund: Subscribe through Securitize at https://securitize.io/blackrock/buidl. The page says the investor verifies their identity, completes subscription documents, and sends funds by 11:00 a.m. New York time or 5:00 p.m. Luxembourg time on the subscription deadline so the money is deployed on the first day of the next month. The launch announcement says the interests will not be listed on any exchange. Securitize also offers a meeting with its investment team at https://securitize.io/buidl-booking-page. The BUIDL page says token transfers are allowed only to whitelisted investors who have passed KYC and AML. Securitize says it collects identity information under securities rules and the USA PATRIOT Act. OpenEden TBILL: The cited catalog does not include an official how-to-buy path for OpenEden TBILL.
BlackRock USD Institutional Digital Liquidity Fund is issued from British Virgin Islands. Regulator, as published: Offered under Rule 506(c) of the Securities Act of 1933 and Section 3(c)(7) of the Investment Company Act. The launch announcement says interests are not SEC-registered. BlackRock Financial Management, Inc., a Delaware corporation and SEC-registered investment adviser, is the investment manager. The launch announcement offers BUIDL under Rule 506(c) of the Securities Act and Section 3(c)(7) of the Investment Company Act, and says the interests are not SEC-registered. They may not be offered or sold in the United States without registration or an exemption. The exemption in use limits the offering to verified accredited investors who are qualified purchasers. The Securitize page's eligibility table names qualified purchasers. Transfers go only to whitelisted investors. The pages do not publish a country list beyond that US securities restriction. The issuer does not publish a jurisdiction for OpenEden TBILL. Regulator, as published: The token issuer is a professional fund established under the British Virgin Islands Securities and Investment Business Act 2010 and regulated by the BVI Financial Services Commission. The introduction does not publish the fund's legal name. The investment manager, BNY Investments, is regulated by the Monetary Authority of Singapore. The cited catalog does not include a restricted-holder statement for OpenEden TBILL.
BlackRock USD Institutional Digital Liquidity Fund: The issuer does not publish a redemption minimum for BlackRock USD Institutional Digital Liquidity Fund. The BUIDL page says the token can be converted into USD every business day. It does not name the paying bank's city. Bank of New York Mellon is the custodian of the fund's assets on the launch announcement, which is custody of the portfolio, not a delivery address for the holder. The share-class table on the Securitize BUIDL page lists these management fees, each with a $5 million minimum: Aptos 20 bps, Arbitrum 50 bps, Avalanche 20 bps, BNB Smart Chain 18 bps, Ethereum 50 bps, Optimism 50 bps, Polygon 20 bps, and Solana 20 bps. The page does not publish one fee for every chain. The same page shows other fee rows that are not labeled with a fund name. Those rows are not recorded here. The BUIDL page says a redemption request received in good order by the transfer agent between 8:00 AM and 3:00 PM ET on the redemption date is for same-day settlement. A blockchain redemption that is not recorded on the fund's books by that deadline is redeemed on the next redemption date. Dividends accrue to the holder of record at 3:00 p.m. ET and are paid the following business day as new tokens. The issuer does not publish a storage fee for BlackRock USD Institutional Digital Liquidity Fund. Direct purchase minimum: The share-class table lists a $5 million minimum on each chain it names. The eligibility table lists a $5 million initial minimum and a $250,000 subsequent minimum on the Ethereum qualified-purchaser row, in USD. The issuer does not publish a reserve-report standard for BlackRock USD Institutional Digital Liquidity Fund. OpenEden TBILL: Redemption, as published: Investors subscribe by depositing USDC and redeem TBILL for USDC from the vault. Holders self-custody the tokens. Whitelisted wallets may transfer to other whitelisted wallets under the private placement memorandum. The introduction says on-chain subscription settles instantly and does not state a redemption timetable. The issuer does not publish a minimum size for OpenEden TBILL. The issuer does not publish an issuer fee for OpenEden TBILL.