What is BUIDL's quality score?

BUIDL (BlackRock) scores 61/100 on OnChain Benchmark's RWA Quality Rating — Developing, as of Oct 10, 2026 (methodology v1.6).

How is BUIDL's quality score calculated?

OnChain Benchmark scores BUIDL across four dimensions, each out of 25: disclosure quality (19/25), redemption liquidity (17/25), structural trust (15/25), and holder concentration (13/25). Each is multiplied by its methodology weight (structural trust ×1.4, holder concentration ×1.3, redemption liquidity ×0.9, disclosure quality ×0.4; weights sum to 4.0) and summed into the 61/100 composite — a weighted, not a plain, sum, so the four dimension scores do not add directly to the total. The full rubric is published at onchainbenchmark.com/methodology.

How concentrated is BUIDL's ownership?

OnChain Benchmark scores BUIDL's holder concentration 13/25 — one of the four dimensions of its quality rating, measured against free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets), across all eight of its chains. A higher score means ownership is more broadly distributed; a lower score means it is held by fewer wallets.

What does Developing mean?

Under OnChain Benchmark methodology v1.6, composite scores grade as Verified Capital (≥ 85), Institutional-grade (≥ 70), Developing (55–69), and Limited (below 55). BUIDL scores 61/100, placing it in Developing.

OCB — Quality Rating · Tokenized treasuries

BUIDL Quality Rating

BUIDL (BlackRock) scores 61/100 on OnChain Benchmark's RWA Quality Rating — rated Developing (methodology v1.6, as of Oct 10, 2026).

Latest onchain read Oct 10, 2026

Updated daily

Quality score

of 100 · Developing

Dimensions measured

of 4

Outstanding supply

$2.20B

as of Oct 10, 2026

Chains

with measured supply

Why BUIDL scores 61

The biggest gap in BUIDL's score is how concentrated its ownership is.

Each dimension's score is multiplied by its weight and summed: 60.80 of a possible 100, rounded to 61.

Composite

61 / 100

Dimension	Score	Weight	Why it scored this
Holder Concentration Ownership is concentrated: the top 10 holders across all eight of its chains own 86.2% of the free float. Upgrade factorA wider holder base, with the top 10 owning 85% or less (18 of 25).	13 / 25	×1.3	Ownership is concentrated: the top 10 holders across all eight of its chains own 86.2% of the free float. Upgrade factorA wider holder base, with the top 10 owning 85% or less (18 of 25).
Structural Trust The top regulatory standing needs SEC registration with a PCAOB-registered auditor. Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. Upgrades to the contract go through a timelock controlled by a standard multisig (such as 3-of-5). Upgrade factorOversight by a major regulator with a recent audit.	15 / 25	×1.4	The top regulatory standing needs SEC registration with a PCAOB-registered auditor. Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. Upgrades to the contract go through a timelock controlled by a standard multisig (such as 3-of-5). Upgrade factorOversight by a major regulator with a recent audit.
Redemption Liquidity Only onboarded institutions can redeem; the top score also needs a deep onchain market alongside it. Upgrade factorOnchain liquidity of at least 0.5% of supply (20 of 25).	17 / 25	×0.9	Only onboarded institutions can redeem; the top score also needs a deep onchain market alongside it. Upgrade factorOnchain liquidity of at least 0.5% of supply (20 of 25).
Disclosure Quality Disclosure is current and regular, but it's voluntary rather than required by a regulator. Upgrade factorHoldings reporting required by a regulator.	19 / 25	×0.4	Disclosure is current and regular, but it's voluntary rather than required by a regulator. Upgrade factorHoldings reporting required by a regulator.

OCB Instrument

Outstanding supply

Measured onchain daily, summed across every chain the fund is issued on. Latest reading $2.20B.

Source: OCB Quality Ratings · BUIDL · onchainbenchmark.comMeasured daily · Oct 10, 2026

OCB Instrument

Rating history

BUIDL’s quality rating, measured daily.

Source: OCB Quality Ratings · BUIDL · onchainbenchmark.comRecomputed daily · Oct 10, 2026

Key facts

Issuer, rubric and methodology

Issuer: BlackRock
Asset class: Tokenized treasuries
Rubric: RWA Quality Rating
Methodology: v1.6
Last scored: Oct 10, 2026
What it is: Tokenized institutional money market fund holding U.S. Treasury bills and repo.

Chains

Share of measured supply by chain

With measured supply

Chain	Contract	Share of measured supply
Solana	GyWgeqpy…Mw6phrExplorer ↗	42.3%
Avalanche	0x53Fc82…196A2fExplorer ↗	22.0%
Ethereum	0x6a9Da2…C89041+1Explorer ↗	19.8%
Aptos	0x50038b…945f89Explorer ↗	7.1%
BNB Chain	0x2D5bdc…5Ef84fExplorer ↗	6.7%
Optimism	0xa1CdaB…957cF5Explorer ↗	1.2%
Polygon	0x2893ef…DC0e99Explorer ↗	0.5%
Arbitrum	0xa6525a…925872Explorer ↗	0.4%

Supply scope: All eight issued chains — Ethereum, Avalanche, Solana, BNB Chain, Polygon, Arbitrum, Optimism, Aptos. Full coverage, reconciles to independent trackers.

Evidence

Verified facts behind the rating

A sample of the verified facts behind BUIDL’s score. The full diligence trail is in the terminal.

Facts shown

Dimension	Fact	Finding	Verified	Source
Disclosure Quality	Attestation source	BUIDL's reserves and NAV are attested on-chain by Chronicle Proof-of-Asset: a Verified Asset Oracle publishes NAV per share, portfolio composition, outstanding supply and a signed freshness timestamp, with the underlying document committed on-chain by hash. Publication is daily (257 publications between 2025-12-03 and 2026-09-13, median interval 23.8 hours), and each document's keccak256 is verified against the on-chain checksum before it is scored. Separately, the fund files SEC Form D / D/A under CIK 0002013810 — a registration filing, not a periodic reserve report, so it carries no recurring attestation cadence. Third-party oracle attestation, scored at the VOLUNTARY tier — stronger than issuer self-reporting, weaker than a mandatory periodic regulatory filing.	Sep 14, 2026	Chronicle Proof-of-Asset oracle (uScribe 0x2d6db2116ad7a6e203e72c8dccfff23f5315b0dd), read from the public on-chain event log; document integrity verified by keccak256 against the on-chain checksum.
Holder Concentration	Address exclusion	Upgradeable contract source is publicly verified. Protocol infrastructure contract holding 8.85% of BUIDL supply.	Jun 1, 2026	Etherscan Contract tab — OZ upgradeable contract v5.1.0 source verified.
Disclosure Quality	Governance finding	The contract owner (per the public block explorer) is an individual wallet — no publicly verified contract source. Securitize DS Protocol an upgradeable contract. A single individual wallet controls upgrades.	May 31, 2026	Etherscan address page — no Contract tab. Verified via the public block explorer the contract owner call on BUIDL token.

Cite this rating

Reference BUIDL’s rating

Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.

Plain

OnChain Benchmark (2026). BUIDL Quality Rating: 61/100 (Developing), as of Oct 10, 2026. Methodology v1.6. https://onchainbenchmark.com/instruments/buidl

Harvard

OnChain Benchmark (2026) 'BUIDL Quality Rating', OnChain Benchmark, Developing, 61/100, methodology v1.6. Available at: https://onchainbenchmark.com/instruments/buidl (Accessed: Oct 10, 2026).

BibTeX

@misc{ocb_buidl_2026,
  author = {{OnChain Benchmark}},
  title = {{BUIDL Quality Rating}},
  year = {2026},
  note = {61/100, Developing, methodology v1.6},
  url = {https://onchainbenchmark.com/instruments/buidl}
}

Full diligence trail

The interactive terminal shows every verified fact behind BUIDL's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.

Open in the terminal →Read the methodology →

Dimension

Score

Holder Concentration

Ownership is concentrated: the top 10 holders across all eight of its chains own 86.2% of the free float.

Upgrade factorA wider holder base, with the top 10 owning 85% or less (18 of 25).

13 / 25

Structural Trust

The top regulatory standing needs SEC registration with a PCAOB-registered auditor. Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. Upgrades to the contract go through a timelock controlled by a standard multisig (such as 3-of-5).

Upgrade factorOversight by a major regulator with a recent audit.

15 / 25

Redemption Liquidity

Only onboarded institutions can redeem; the top score also needs a deep onchain market alongside it.

Upgrade factorOnchain liquidity of at least 0.5% of supply (20 of 25).

17 / 25

Disclosure Quality

Disclosure is current and regular, but it's voluntary rather than required by a regulator.

Upgrade factorHoldings reporting required by a regulator.

19 / 25

Chain

Share of measured supply

Solana

42.3%

Avalanche

22.0%

Ethereum

19.8%

Aptos

7.1%

BNB Chain

6.7%

Optimism

1.2%

Polygon

0.5%

Arbitrum

0.4%

Dimension

Finding

Verified

Disclosure Quality

BUIDL's reserves and NAV are attested on-chain by Chronicle Proof-of-Asset: a Verified Asset Oracle publishes NAV per share, portfolio composition, outstanding supply and a signed freshness timestamp, with the underlying document committed on-chain by hash. Publication is daily (257 publications between 2025-12-03 and 2026-09-13, median interval 23.8 hours), and each document's keccak256 is verified against the on-chain checksum before it is scored. Separately, the fund files SEC Form D / D/A under CIK 0002013810 — a registration filing, not a periodic reserve report, so it carries no recurring attestation cadence.

Third-party oracle attestation, scored at the VOLUNTARY tier — stronger than issuer self-reporting, weaker than a mandatory periodic regulatory filing.

Sep 14, 2026

Holder Concentration

Upgradeable contract source is publicly verified. Protocol infrastructure contract holding 8.85% of BUIDL supply.

Jun 1, 2026

Disclosure Quality

The contract owner (per the public block explorer) is an individual wallet — no publicly verified contract source. Securitize DS Protocol an upgradeable contract. A single individual wallet controls upgrades.

May 31, 2026

@misc{ocb_buidl_2026, author = {{OnChain Benchmark}}, title = {{BUIDL Quality Rating}}, year = {2026}, note = {61/100, Developing, methodology v1.6}, url = {https://onchainbenchmark.com/instruments/buidl} }