BUIDL vs USDY
BlackRock USD Institutional Digital Liquidity Fund and Ondo US Dollar Yield 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. USDY is issued by Ondo USDY LLC 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 · Ondo US Dollar Yield
| Field | BlackRock USD Institutional Digital Liquidity Fund | Ondo US Dollar Yield |
|---|---|---|
| Ticker | BUIDL | USDY |
| Asset class | Treasuries | Treasuries |
| Issuer | BlackRock USD Institutional Digital Liquidity Fund Ltd. | Ondo USDY LLC |
| Issuer jurisdiction | British Virgin Islands | United States |
| 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. | Offered under Regulation S to non-U.S. persons. Ondo USDY LLC is registered as a money services business with FinCEN. The basics page says that as of 15 Dec 2025 the note was folded into the Ondo Stocks umbrella. |
| 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. | Tokenized note. Depending on the issuance date, Ondo says USDY may be secured by short-term U.S. Treasuries, shares of the iShares Short Treasury Bond ETF, or bank demand deposits. The accumulating token's price rises as yield accrues. Ondo USDY LLC's activities are limited to borrowing, issuing tokens as evidence of that debt, and allocating proceeds to U.S. Treasuries and U.S. bank demand deposits. |
| Custodian | Bank of New York Mellon, custodian of the fund's assets and its administrator. | — |
| Auditor | PricewaterhouseCoopers LLP, appointed as auditor for the period ending 31 Dec 2024. | Smart-contract audits for Ondo Funds and USDY are published by Ondo, including Spearbit, Halborn, Code4rena, and Cyfrin reports. No fund auditor is named on those pages. |
| 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. | Current purchases through the web app follow the Ondo Stocks terms. Ondo USDY LLC can redeem USD by bank wire only to non-U.S. bank accounts. USDC redemption is described through Ondo Global Markets (BVI) Limited. Mint and redeem on Sui, Aptos, Stellar, XRP, or Noble is via support@ondo.finance. |
| 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. | Deposits of $100,000 or more can use a USD bank wire. Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. |
| Launched | 2024-03-20 | — |
| Website | https://securitize.io/blackrock/buidl | https://ondo.finance/ |
| 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.
Eligibility and redemption read from the issuer on 31 Oct 2026
How to buy USDY
After onboarding, mint USDY with USDC on the Ondo web app. A deposit of $100,000 or more can also use a USD bank wire. The basics page says to contact support@ondo.finance for the wire, and that current web-app purchases follow the Ondo Stocks terms. It does not name a secondary-market exchange.
The trust page says investors undergo customer due diligence for anti-money laundering, counter-terrorist financing, and sanctions. It does not print the document list.
Who can and cannot hold USDY
Ondo US Dollar Yield is issued from United States.
Regulator, as published: Offered under Regulation S to non-U.S. persons. Ondo USDY LLC is registered as a money services business with FinCEN. The basics page says that as of 15 Dec 2025 the note was folded into the Ondo Stocks umbrella.
The trust page says Ondo USDY LLC can issue and sell USDY only to non-U.S. persons, in transactions outside the United States, under Regulation S. It does not publish a further country list. Investors must pass customer due diligence under the LLC's Bank Secrecy Act program. The basics page says that as of 15 December 2025 the note was folded into the Ondo Stocks umbrella.
What redemption actually means in practice for USDY
Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. The basics page does not state a separate redemption minimum for other networks.
Ondo USDY LLC can redeem US dollars by bank wire only to a non-U.S. bank account. USDC redemption is described through Ondo Global Markets (BVI) Limited. The basics page does not name the bank or the city.
The issuer does not publish an issuer fee for Ondo US Dollar Yield.
The issuer does not publish a redemption settlement time for Ondo US Dollar Yield.
The issuer does not publish a storage fee for Ondo US Dollar Yield.
Direct purchase minimum: Mint with USDC after onboarding. Deposits of $100,000 or more can use a USD bank wire. Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum.
Reserve report: The trust page says periodic fund audits are shared with authorized requesting parties and does not name the fund auditor. It points to published smart-contract audits, which are code reviews. Neither page names an assurance standard for a reserve report.
BlackRock USD Institutional Digital Liquidity Fund 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.. Ondo US Dollar Yield: Ondo USDY LLC.
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.. USDY 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.. USDY redemption: Current purchases through the web app follow the Ondo Stocks terms. Ondo USDY LLC can redeem USD by bank wire only to non-U.S. bank accounts. USDC redemption is described through Ondo Global Markets (BVI) Limited. Mint and redeem on Sui, Aptos, Stellar, XRP, or Noble is via support@ondo.finance..
The slugs in alphabetical order: /compare/buidl-vs-usdy. 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. Ondo US Dollar Yield: After onboarding, mint USDY with USDC on the Ondo web app. A deposit of $100,000 or more can also use a USD bank wire. The basics page says to contact support@ondo.finance for the wire, and that current web-app purchases follow the Ondo Stocks terms. It does not name a secondary-market exchange. The trust page says investors undergo customer due diligence for anti-money laundering, counter-terrorist financing, and sanctions. It does not print the document list.
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. Ondo US Dollar Yield is issued from United States. Regulator, as published: Offered under Regulation S to non-U.S. persons. Ondo USDY LLC is registered as a money services business with FinCEN. The basics page says that as of 15 Dec 2025 the note was folded into the Ondo Stocks umbrella. The trust page says Ondo USDY LLC can issue and sell USDY only to non-U.S. persons, in transactions outside the United States, under Regulation S. It does not publish a further country list. Investors must pass customer due diligence under the LLC's Bank Secrecy Act program. The basics page says that as of 15 December 2025 the note was folded into the Ondo Stocks umbrella.
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. Ondo US Dollar Yield: Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. The basics page does not state a separate redemption minimum for other networks. Ondo USDY LLC can redeem US dollars by bank wire only to a non-U.S. bank account. USDC redemption is described through Ondo Global Markets (BVI) Limited. The basics page does not name the bank or the city. The issuer does not publish an issuer fee for Ondo US Dollar Yield. The issuer does not publish a redemption settlement time for Ondo US Dollar Yield. The issuer does not publish a storage fee for Ondo US Dollar Yield. Direct purchase minimum: Mint with USDC after onboarding. Deposits of $100,000 or more can use a USD bank wire. Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. Reserve report: The trust page says periodic fund audits are shared with authorized requesting parties and does not name the fund auditor. It points to published smart-contract audits, which are code reviews. Neither page names an assurance standard for a reserve report.