Moody’s Rates BlackRock’s BUIDL Aaa-mf for Tokenized Treasuries

Moody’s assigned its highest Aaa-mf credit rating to BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL, on or around May 13, 2026. The rating applies to the fund’s $2.58 billion in assets and used the same methodology Moody’s applies to traditional money market funds.

Launched in March 2024 and built on the Ethereum blockchain, BUIDL holds tokenized short-term U.S. Treasuries, reverse repurchase agreements and cash equivalents. The fund maintains a $1 net asset value and credits daily yield directly to investor wallets. Tokenization enables continuous settlement and yield accrual rather than the multi-day settlement cycles used in traditional systems.

Securitize, which handles the fund’s tokenization, confirmed the Aaa-mf rating on social media. Moody’s issued an identical Aaa-mf rating to Fidelity’s Ethereum-based USD Liquidity Fund, FILQ, at the same time.

Moody’s stated the Aaa-mf reflects a high capacity to preserve capital and maintain liquidity. The agency evaluated BUIDL’s credit profile and operational controls using its established criteria for credit and operational risk.

The market for tokenized U.S. government debt expanded from about $1 billion to more than $15 billion over two years; BlackRock’s fund represents roughly 15% of that market. The broader market for tokenized real-world assets is about $31 billion.

Moody’s noted that the Aaa-mf classification places BUIDL on the same risk level as the lowest-risk traditional money market instruments. That classification can allow conservative investors, including pension funds and other institutions with strict safety rules, to consider rated tokenized liquidity products that would otherwise be ineligible.