BUIDL — Verification Runbook
Instrument: BlackRock USD Institutional Digital Liquidity Fund Issuer: BlackRock / Securitize Asset class: Treasury (peg-NAV with monthly distribution) Last verified: 2026-06-02 Status: Live on Ethereum. Composite score 36/100. Three measurable issuer-side gaps + one structural concentration property.
1. Address provenance
Ethereum
- Contract:
0x7712c34205737192402172409a8F7ccef8aA2AEc(BUIDL token, 6 decimals) - Price model:
peg_one— targets $1.00/token; yield is paid via monthly token distribution (new BUIDL minted), not price appreciation. - Verification: Verified contract on Etherscan, 6 decimals confirmed. Deployer addresses match Securitize operational keys.
- Governance: Securitize DS Protocol exposes
contractOwner(item 25 on Read as Proxy). Returned0xe01605f6b6dC593b7d2917F4a0940db2A625b09e— a plain EOA (no Contract tab on Etherscan).admin_kind = single_eoa(migration 0017). Governance score: 7/25 (4 EOA + 3 transparent_proxy). - Confidence: ≥95%
BUIDL is single-chain in our coverage today (Ethereum only). BUIDL deploys exist on other chains; multi-chain coverage is post-launch.
2. Scoring evidence
Yield Accuracy — 15/25
- Approach for BUIDL: distribution-mode yield. Each monthly distribution event mints new BUIDL to existing holders.
- Source for published rate: SEC EDGAR CIK 0002013810 — BlackRock USD Institutional Digital Liquidity Fund Ltd. Files Form D / D/A. Cadence is very low (only 2 filings since fund inception).
- Score: 15/25 — the rubric awards moderate points to peg-NAV instruments without an onchain-measurable delta. Distribution-mode yield is structurally hard to score: there is no onchain rate to compare against the published one.
- Gap:
protocol_unmeasurable. Methodology v2.x revision (mint-event analysis).
Liquidity — 8/25
- Approach: market liquidity in DEX pools relative to outstanding supply.
- Score: Low. BUIDL redemption is permissioned through Securitize authorized channels.
- Gap:
protocol_nature. Methodology v2.x.
Transparency — 8/25
- attestationFreshness: SEC EDGAR CIK 0002013810. Only 2 Form D filings since inception (verified 2026-05-31). Cadence not fetcher-worthy at present.
- disclosureConsistency: Low, due to filing frequency.
- regulatoryStanding: Strong — BlackRock-issued, Securitize-managed.
- governanceQuality: Single EOA controls upgrades on a major institutional fund. Material concern.
- Score: 8/25. The big gap is attestation freshness — no machine-readable per-token attestation exists.
Concentration — 5/25
- Approach: top-10 holders excluding documented protocol addresses.
- Score: Low. Top holder is the Securitize custodian address. Only rank 3 (8.85%) is currently excluded via address_registry; ranks 1, 2, 4, 5 are EOAs below 90% confidence threshold and not excluded.
- Gap:
protocol_nature. Single-custodian concentration is structural for BUIDL's permissioned distribution model — not a measurement failure. Methodology v2.x could introduce a permissioned-fund concentration rubric.
3. Gap attribution
| Dimension | Score | Gap | What would close it | If closed |
|---|---|---|---|---|
| Yield | 15/25 | protocol_unmeasurable | Methodology v2.x: distribution-yield rubric | — (methodology) |
| Liquidity | 8/25 | protocol_nature | Methodology v2.x: peg-NAV rubric | — (methodology) |
| Transparency | 8/25 | issuer_undisclosed | BlackRock / Securitize publishes daily machine-readable attestation feed (same shape OUSG does) | 45-52 composite, peer OUSG |
| Concentration | 5/25 | protocol_nature | Methodology v2.x: permissioned-fund concentration rubric | — (methodology) |
The Transparency gap is the actionable one. BlackRock has the data — it's a publication decision, not a generation problem.
4. Pending items
- Daily BUIDL attestation feed. Open question for BlackRock / Securitize. Track in
verification_log(post-launch). - Distribution-yield methodology revision. v2.x.
- Peg-NAV liquidity rubric. v2.x.
- Permissioned-fund concentration rubric. v2.x.
5. Change log
- 2026-06-02: First runbook draft. Gap attribution backfilled via migration 0048.