Audit log

Every state-changing event for BlackRock USD Institutional Digital Liquidity Fund (BUIDL): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-07-22 03:58:47Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"9683fd9b-8608-4fba-9b24-0c1e301c6211","kind":"publish","page_slug":"blackrock-usd-institutional-digital-liquidity-fund","published_at":"2026-07-22T03:58:47.033Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"BlackRock USD Institutional Digital Liquidity Fund (BUIDL)","sections":[{"content":"BUIDL is a fund sponsored and managed by BlackRock, one of the world's largest asset managers, with the fund's shares tokenized and administered on-chain by Securitize, a digital-asset securities firm acting as transfer agent and tokenization platform. Each BUIDL token targets a stable reference value of $1 and accrues daily dividends, distributed monthly as additional BUIDL tokens, derived from the fund's underlying portfolio of short-duration U.S. Treasury bills, repurchase agreements, and cash. The fund launched on the Ethereum network on March 20, 2024, marking BlackRock's first tokenized fund issued on a public blockchain. Bank of New York Mellon acts as custodian for the fund's underlying assets, providing traditional institutional custody alongside the on-chain token layer.","heading":"Fund Structure and Sponsor","severity":"low","sources":[{"credibility":1,"name":"BlackRock Launches Its First Tokenized Fund, BUIDL, on the Ethereum Network - Nasdaq","type":"news_article","url":"https://www.nasdaq.com/press-release/blackrock-launches-its-first-tokenized-fund-buidl-on-the-ethereum-network-2024-03-20"},{"credibility":2,"name":"BlackRock USD Institutional Digital Liquidity Fund (BUIDL), Tokenized By Securitize, Surpasses $1B in AUM","type":"official","url":"https://www.prnewswire.com/news-releases/blackrock-usd-institutional-digital-liquidity-fund-buidl-tokenized-by-securitize-surpasses-1b-in-aum-302401480.html"}]},{"content":"BUIDL is not registered with the SEC as a public offering or as a registered investment company (e.g., a mutual fund or ETF). It is offered under Regulation D, reportedly relying on the Rule 506(c) exemption, which permits general solicitation but restricts sales to verified accredited investors and qualified purchasers. This means the token wrapper and the underlying fund interests are exempt private securities rather than a retail-accessible SEC-registered product; ordinary retail investors cannot purchase BUIDL directly. Reported minimum investment figures vary across secondary sources (from roughly $100,000 at initial launch to $5 million for later qualified-purchaser tiers), and this discrepancy could not be independently confirmed against a primary SEC filing, so it should be treated as an approximate, moderately confident detail rather than a verified fact.","heading":"Regulatory Status: Private Placement, Not a Registered Public Security","severity":"medium","sources":[{"credibility":2,"name":"What is BUIDL? BlackRock Fund Explained - Stablewatch","type":"research","url":"https://www.stablewatch.io/research/project-spotlight-buidl"},{"credibility":3,"name":"BlackRock BUIDL Explained: How to Invest in the Digital Fund","type":"other","url":"https://tokenizestartup.com/analysis/blackrock-buidl-fund/"}]},{"content":"Access to BUIDL is restricted to qualified institutional and accredited investors who complete verification and onboarding through Securitize, which maintains an allow-list of approved wallet addresses permitted to hold and transfer the token. This permissioned architecture differs materially from typical decentralized crypto assets: transfers are only possible between whitelisted addresses, and Securitize (as transfer agent) retains administrative control, including the ability to freeze or block addresses to meet AML/KYC and securities-law compliance obligations. Commentary on tokenized real-world assets generally notes that such freeze/blacklist capabilities represent a deliberate centralization trade-off, allowing issuers to comply with lawful orders but also concentrating unilateral control over token functionality in the issuer and transfer agent.","heading":"Access Restrictions and Institutional-Only Design","severity":"low","sources":[{"credibility":3,"name":"RWA Tokenisation 2026: What BlackRock BUIDL Actually Is","type":"other","url":"https://www.vaasblock.com/news/rwa-tokenisation-blackrock-buidl-what-it-actually-means"},{"credibility":3,"name":"Stablecoin Blacklist (Freeze Function) - Spark Glossary","type":"other","url":"https://www.spark.money/glossary/stablecoin-blacklist"}]},{"content":"Following its initial Ethereum launch in March 2024, BUIDL expanded to additional blockchains through new tokenized share classes. By the end of 2024, share classes had launched on Aptos, Arbitrum, Avalanche, Optimism, and Polygon. On March 25, 2025, BlackRock and Securitize launched a new BUIDL share class on Solana, coinciding with the fund's one-year anniversary and reported AUM of roughly $1.7 billion at the time. In November 2025, BUIDL launched on BNB Chain and was made eligible as off-exchange collateral on the Binance exchange in partnership with Binance's institutional custody arm Ceffu, extending the fund's reach into a new major exchange ecosystem.","heading":"Multi-Chain Expansion","severity":"low","sources":[{"credibility":2,"name":"BlackRock and Securitize Debut New BUIDL Share Class on Solana Network","type":"official","url":"https://www.prnewswire.com/news-releases/blackrock-and-securitize-debut-new-buidl-share-class-on-solana-network-302410160.html"},{"credibility":1,"name":"RWA News: BlackRock Takes Tokenized Money Market Fund BUIDL to Solana Blockchain - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2025/03/25/blackrock-securitize-expand-usd1-7b-tokenized-money-market-fund-buidl-to-solana"},{"credibility":2,"name":"BlackRock's BUIDL, Tokenized By Securitize, Now Accepted as Collateral for Trading on Binance and Launches on BNB Chain","type":"official","url":"https://www.prnewswire.com/news-releases/blackrocks-buidl-tokenized-by-securitize-now-accepted-as-collateral-for-trading-on-binance-and-launches-on-bnb-chain-302613374.html"}]},{"content":"BUIDL's official redemption path involves sending tokens back to the Securitize-operated contract in exchange for US dollars by wire or stablecoins, which typically settles on the next business day rather than instantly. To address this gap, Circle announced in April 2024 a smart contract enabling BUIDL holders to convert their tokens to USDC at one-to-one parity on a near-instant, 24/7 basis. This Circle-operated conversion path provides an alternative, faster off-ramp compared to the standard redemption process, effectively giving institutional holders continuous on-chain liquidity that traditional money market funds cannot offer through their normal redemption cycles. This mechanism introduces reliance on Circle's operational solvency and smart-contract security as an additional counterparty layer beyond BlackRock, Securitize, and BNY Mellon.","heading":"Redemption Mechanics and the Circle USDC Off-Ramp","severity":"low","sources":[{"credibility":2,"name":"USDC Smart Contract for BlackRock's BUIDL Fund Investors - Circle","type":"official","url":"https://www.circle.com/pressroom/circle-announces-usdc-smart-contract-for-transfers-by-blackrocks-buidl-fund-investors"},{"credibility":1,"name":"Circle launches USDC smart contract support for BUIDL holders - The Block","type":"news_article","url":"https://www.theblock.co/post/287842/circle-launches-usdc-smart-contract-support-for-blackrock-buidl-holders"}]},{"content":"BUIDL grew rapidly after launch, surpassing $1 billion in AUM within roughly a year and becoming the first tokenized fund to exceed $2 billion in AUM by mid-2025; secondary-source estimates for 2026 place its AUM in the $2.4-3 billion range, making it the largest tokenized U.S. Treasury fund by assets, alongside comparable competing products such as Circle's USYC. A significant portion of BUIDL's growth is tied to a small number of large institutional holders: Ondo Finance reportedly moved $95 million into BUIDL within the fund's first week of launch and became its largest holder, subsequently using BUIDL as the underlying collateral for its own tokenized product, OUSG. This creates a layered dependency in which downstream DeFi products (OUSG, and lending markets like Flux Finance that accept OUSG as collateral) inherit BUIDL's counterparty, redemption, and permissioning risks, and concentration among a few large holders could affect liquidity dynamics if a major holder needed to redeem at scale.","heading":"Growth, Market Position, and Third-Party Dependencies","severity":"low","sources":[{"credibility":1,"name":"BlackRock's BUIDL first to cross $1 billion mark - The Block","type":"news_article","url":"https://www.theblock.co/post/346237/blackrocks-buidl-first-to-cross-1-billion-mark-making-it-the-largest-tokenized-fund-tracking-onchain-treasuries"},{"credibility":3,"name":"How Ondo Finance Works with BlackRock's BUIDL Fund - LeveX","type":"other","url":"https://levex.com/en/blog/ondo-blackrock-buidl-integration"},{"credibility":3,"name":"OUSG Deep Dive 2026: Ondo's Short Treasury Fund","type":"other","url":"https://eco.com/support/en/articles/15254014-ousg-deep-dive-2026-ondo-s-short-treasury-fund"}]},{"content":"No SEC enforcement actions, lawsuits, hacks, or exploits specifically targeting BUIDL, BlackRock's management of the fund, or Securitize's operation of it as transfer agent were identified in available sourcing as of this investigation. General industry commentary raises structural concerns applicable to BUIDL and similar permissioned RWA tokens: the presence of freeze/blacklist functionality controlled by the issuer and transfer agent represents a centralization trade-off relative to permissionless crypto assets, and concentration risk exists because downstream products built on top of BUIDL (such as Ondo's OUSG) hold a single underlying position rather than diversified exposure. These are described in secondary/tertiary sources as general risk characteristics of the tokenized-treasury category rather than specific alleged incidents involving BUIDL, and should be read as low-confidence, structural observations rather than confirmed controversies.","heading":"Controversies and Incidents","severity":"low","sources":[{"credibility":3,"name":"RWA Tokenisation 2026: What BlackRock BUIDL Actually Is","type":"other","url":"https://www.vaasblock.com/news/rwa-tokenisation-blackrock-buidl-what-it-actually-means"},{"credibility":3,"name":"OUSG Deep Dive 2026: Ondo's Short Treasury Fund","type":"other","url":"https://eco.com/support/en/articles/15254014-ousg-deep-dive-2026-ondo-s-short-treasury-fund"}]}],"sources_used":[{"credibility":1,"name":"BlackRock Launches Its First Tokenized Fund, BUIDL, on the Ethereum Network - Nasdaq","type":"news_article","url":"https://www.nasdaq.com/press-release/blackrock-launches-its-first-tokenized-fund-buidl-on-the-ethereum-network-2024-03-20"},{"credibility":2,"name":"BlackRock USD Institutional Digital Liquidity Fund (BUIDL), Tokenized By Securitize, Surpasses $1B in AUM","type":"official","url":"https://www.prnewswire.com/news-releases/blackrock-usd-institutional-digital-liquidity-fund-buidl-tokenized-by-securitize-surpasses-1b-in-aum-302401480.html"},{"credibility":2,"name":"What is BUIDL? BlackRock Fund Explained - Stablewatch","type":"research","url":"https://www.stablewatch.io/research/project-spotlight-buidl"},{"credibility":3,"name":"BlackRock BUIDL Explained: How to Invest in the Digital Fund","type":"other","url":"https://tokenizestartup.com/analysis/blackrock-buidl-fund/"},{"credibility":3,"name":"RWA Tokenisation 2026: What BlackRock BUIDL Actually Is","type":"other","url":"https://www.vaasblock.com/news/rwa-tokenisation-blackrock-buidl-what-it-actually-means"},{"credibility":3,"name":"Stablecoin Blacklist (Freeze Function) - Spark Glossary","type":"other","url":"https://www.spark.money/glossary/stablecoin-blacklist"},{"credibility":2,"name":"BlackRock and Securitize Debut New BUIDL Share Class on Solana Network","type":"official","url":"https://www.prnewswire.com/news-releases/blackrock-and-securitize-debut-new-buidl-share-class-on-solana-network-302410160.html"},{"credibility":1,"name":"RWA News: BlackRock Takes Tokenized Money Market Fund BUIDL to Solana Blockchain - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2025/03/25/blackrock-securitize-expand-usd1-7b-tokenized-money-market-fund-buidl-to-solana"},{"credibility":2,"name":"BlackRock's BUIDL, Tokenized By Securitize, Now Accepted as Collateral for Trading on Binance and Launches on BNB Chain","type":"official","url":"https://www.prnewswire.com/news-releases/blackrocks-buidl-tokenized-by-securitize-now-accepted-as-collateral-for-trading-on-binance-and-launches-on-bnb-chain-302613374.html"},{"credibility":2,"name":"USDC Smart Contract for BlackRock's BUIDL Fund Investors - Circle","type":"official","url":"https://www.circle.com/pressroom/circle-announces-usdc-smart-contract-for-transfers-by-blackrocks-buidl-fund-investors"},{"credibility":1,"name":"Circle launches USDC smart contract support for BUIDL holders - The Block","type":"news_article","url":"https://www.theblock.co/post/287842/circle-launches-usdc-smart-contract-support-for-blackrock-buidl-holders"},{"credibility":1,"name":"BlackRock's BUIDL first to cross $1 billion mark - The Block","type":"news_article","url":"https://www.theblock.co/post/346237/blackrocks-buidl-first-to-cross-1-billion-mark-making-it-the-largest-tokenized-fund-tracking-onchain-treasuries"},{"credibility":3,"name":"How Ondo Finance Works with BlackRock's BUIDL Fund - LeveX","type":"other","url":"https://levex.com/en/blog/ondo-blackrock-buidl-integration"},{"credibility":3,"name":"OUSG Deep Dive 2026: Ondo's Short Treasury Fund","type":"other","url":"https://eco.com/support/en/articles/15254014-ousg-deep-dive-2026-ondo-s-short-treasury-fund"},{"credibility":2,"name":"BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains","type":"official","url":"https://www.prnewswire.com/news-releases/blackrock-launches-new-buidl-share-classes-across-multiple-blockchains-to-expand-access-and-potential-of-buidl-ecosystem-302304035.html"}],"summary":"BUIDL is a tokenized U.S. dollar money market fund managed by BlackRock and issued on public blockchains through tokenization platform and transfer agent Securitize. Launched on Ethereum in March 2024, it holds cash, U.S. Treasury bills, and repurchase agreements, is custodied by Bank of New York Mellon, and is offered as a private placement restricted to accredited/qualified institutional investors rather than as a retail SEC-registered security. It has grown into the largest tokenized U.S. Treasury fund by assets under management, but access, redemption, and transfer are gated by centralized whitelisting and freeze controls typical of permissioned real-world-asset (RWA) tokens.","timeline":[{"date":"2024-03-20","event":"BlackRock launches BUIDL, its first tokenized fund, on the Ethereum network, with Securitize as tokenization platform and transfer agent, and Bank of New York Mellon as custodian.","source":"Nasdaq / BlackRock","source_url":"https://www.nasdaq.com/press-release/blackrock-launches-its-first-tokenized-fund-buidl-on-the-ethereum-network-2024-03-20"},{"date":"2024-04-11","event":"Circle announces a smart contract allowing BUIDL holders to convert tokens to USDC at 1:1 parity on a near-instant, 24/7 basis, providing an alternative to the standard next-business-day redemption process.","source":"Circle press release","source_url":"https://www.circle.com/pressroom/circle-announces-usdc-smart-contract-for-transfers-by-blackrocks-buidl-fund-investors"},{"date":"2024-12-01","event":"BUIDL expands with new share classes on Aptos, Arbitrum, Avalanche, Optimism, and Polygon, broadening multi-chain access beyond Ethereum.","source":"PR Newswire","source_url":"https://www.prnewswire.com/news-releases/blackrock-launches-new-buidl-share-classes-across-multiple-blockchains-to-expand-access-and-potential-of-buidl-ecosystem-302304035.html"},{"date":"2025-02-01","event":"BUIDL surpasses $1 billion in assets under management, becoming the largest tokenized fund tracking on-chain U.S. Treasuries.","source":"The Block","source_url":"https://www.theblock.co/post/346237/blackrocks-buidl-first-to-cross-1-billion-mark-making-it-the-largest-tokenized-fund-tracking-onchain-treasuries"},{"date":"2025-03-25","event":"BlackRock and Securitize launch a new BUIDL share class on Solana, coinciding with the fund's one-year anniversary and roughly $1.7 billion in cumulative issuance.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2025/03/25/blackrock-securitize-expand-usd1-7b-tokenized-money-market-fund-buidl-to-solana"},{"date":"2025-11-14","event":"BUIDL launches on BNB Chain and becomes eligible as off-exchange collateral on Binance via custody partner Ceffu.","source":"PR Newswire","source_url":"https://www.prnewswire.com/news-releases/blackrocks-buidl-tokenized-by-securitize-now-accepted-as-collateral-for-trading-on-binance-and-launches-on-bnb-chain-302613374.html"}]},"v":1}

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2. #2reviewby reviewerreviewer

   2026-08-27 04:14:14Z
   Score: 82 → 82 (no score change)
   This page is descriptive rather than accusatory: it makes no allegation of wrongdoing against BlackRock, Securitize, or BNY Mellon, and its own Controversies section affirmatively states no enforcement actions, lawsuits, hacks, or exploits were found, consistent with its high 82 trust score. Most factual claims about the fund's structure, custody, multi-chain expansion, and growth are corroborated by primary press releases and independent reporting. The two disputed findings are timeline-date errors (multi-chain expansion and the $1B AUM milestone) that are contradicted by the page's own cited sources by roughly one to six weeks and are not simple day-of-month defaults, since the stated months are also wrong. The regulatory-status and minimum-investment characterizations are individually source-backed but incomplete or imprecisely framed in ways that matter for a page about a real regulated fund.
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   {"actor":"reviewer","decided_at":"2026-08-27T04:14:14.668Z","decision":"review","investigation_id":"9683fd9b-8608-4fba-9b24-0c1e301c6211","new_score":82,"page_slug":"blackrock-usd-institutional-digital-liquidity-fund","prev_score":82,"reason":"This page is descriptive rather than accusatory: it makes no allegation of wrongdoing against BlackRock, Securitize, or BNY Mellon, and its own Controversies section affirmatively states no enforcement actions, lawsuits, hacks, or exploits were found, consistent with its high 82 trust score. Most factual claims about the fund's structure, custody, multi-chain expansion, and growth are corroborated by primary press releases and independent reporting. The two disputed findings are timeline-date errors (multi-chain expansion and the $1B AUM milestone) that are contradicted by the page's own cited sources by roughly one to six weeks and are not simple day-of-month defaults, since the stated months are also wrong. The regulatory-status and minimum-investment characterizations are individually source-backed but incomplete or imprecisely framed in ways that matter for a page about a real regulated fund.","score_delta":0,"sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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3. #3review approveby judgejudge

   2026-08-27 04:14:14Z
   Score: 82 → 82 (no score change)
   Of 23 checkable claims on this page, 16 were confirmed, 4 partially supported, 1 was stale, and 2 were disputed, with zero unverifiable claims or dead links. That works out to a disputed rate of 8.7% (2 of 23), which falls within the approval range. The two disputed items (claim_findings[9] and claim_findings[16]) are timeline dates for the multi-chain expansion and the $1 billion AUM milestone; both are contradicted by the page's own cited sources by several weeks in a different month, so they are real date errors rather than a known 'default to the first of the month' artifact. However, the underlying events they describe are independently confirmed elsewhere on the page (claim_findings[8] and claim_findings[15]), so these are narrow timeline-precision errors, not disputes over whether something happened or who was involved. No claim alleging wrongdoing was found to be false, and no core allegation is in dispute. The review also raised a high-priority note that the page contains no adverse allegation against BlackRock, Securitize, or BNY Mellon at all -- its own Controversies section states no enforcement actions, lawsuits, hacks, or exploits were found. That note does not identify any inaccuracy or gap in the page's content; it raises a separate editorial question about whether a page like this belongs in the index, which this review process is not positioned to resolve and which is treated here as context rather than a penalty trigger. Two secondary issues are noted for future revision without changing the outcome: the Regulatory Status section omits the Investment Company Act Section 3(c)(7) exemption that explains the fund's qualified-purchaser minimum (claim_findings[4]), and the claimed rise in minimum investment from $100,000 to $5 million (claim_findings[6]) is contradicted by BlackRock's own launch-day materials, which cite a $5 million minimum from inception -- a firmer objection than its 'partially supported' label conveys, though not one that changes the disputed-rate calculation or the banding outcome.
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   {"actor":"judge","decided_at":"2026-08-27T04:14:14.668Z","decision":"review_approve","investigation_id":"9683fd9b-8608-4fba-9b24-0c1e301c6211","new_score":82,"page_slug":"blackrock-usd-institutional-digital-liquidity-fund","prev_score":82,"reason":"Of 23 checkable claims on this page, 16 were confirmed, 4 partially supported, 1 was stale, and 2 were disputed, with zero unverifiable claims or dead links. That works out to a disputed rate of 8.7% (2 of 23), which falls within the approval range. The two disputed items (claim_findings[9] and claim_findings[16]) are timeline dates for the multi-chain expansion and the $1 billion AUM milestone; both are contradicted by the page's own cited sources by several weeks in a different month, so they are real date errors rather than a known 'default to the first of the month' artifact. However, the underlying events they describe are independently confirmed elsewhere on the page (claim_findings[8] and claim_findings[15]), so these are narrow timeline-precision errors, not disputes over whether something happened or who was involved. No claim alleging wrongdoing was found to be false, and no core allegation is in dispute. The review also raised a high-priority note that the page contains no adverse allegation against BlackRock, Securitize, or BNY Mellon at all -- its own Controversies section states no enforcement actions, lawsuits, hacks, or exploits were found. That note does not identify any inaccuracy or gap in the page's content; it raises a separate editorial question about whether a page like this belongs in the index, which this review process is not positioned to resolve and which is treated here as context rather than a penalty trigger. Two secondary issues are noted for future revision without changing the outcome: the Regulatory Status section omits the Investment Company Act Section 3(c)(7) exemption that explains the fund's qualified-purchaser minimum (claim_findings[4]), and the claimed rise in minimum investment from $100,000 to $5 million (claim_findings[6]) is contradicted by BlackRock's own launch-day materials, which cite a $5 million minimum from inception -- a firmer objection than its 'partially supported' label conveys, though not one that changes the disputed-rate calculation or the banding outcome.","score_delta":0,"sequence_num":3,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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