BlackRock's BUIDL sits on nine chains and lost $557m in a month

The headline going round this week says BlackRock's tokenized money-market fund is expanding its multi-chain liquidity infrastructure. BUIDL does sit on nine networks. It also holds $2.25bn this morning against $2.81bn thirty days ago, and 105 addresses hold all of it.

Where the $2.25bn actually sits

Token supply by chain, read off rwa.xyz on 1 October:

• Solana: 950.3 million, or 42.3% of the fund
• Avalanche: 486.5 million, 21.6%
• Ethereum, where BUIDL launched in March 2024: 443.1 million across two listings, 19.7%
• Aptos 161.7 million and BNB Chain 146.6 million, 7.2% and 6.5%
• Optimism, Tempo, Arbitrum and Polygon together: 59.7 million, or 2.7%

Solana carries 2.1 times what Ethereum carries, and the chain the fund launched on now ranks third. That is where institutional money chose to settle, which is a different fact from where the fund has been deployed.

The tail says the same thing from the other end. Four of the nine networks hold under 3% between them, and Polygon, which joined in the first multi-chain wave of November 2024, is down to $7.5 million. The token counts separate where the fund exists from where it works.

“This milestone highlights our continued focus on transforming tokenization from concept to practical market utility.”

— Robbie Mitchnick, BlackRock, November 2025

Robbie Mitchnick, Global Head of Digital Assets at BlackRock, November 2025

A fifth of the money left while the holder count held

Divide $2.25bn by 105 and the average position comes to $21.4 million. The holder count fell about 1% over the same thirty days in which a fifth of the money walked out, so the same desks are holding less rather than new ones arriving or old ones leaving. Concentration is the figure that describes this fund. We counted the same shape in India's tokenized bond pilot, which closed with 23 investors in it.

The outflow has an arithmetic reason sitting beside it. BUIDL pays a 7-day yield of 3.68%, and the US 10-year closed Tuesday near 5.25%. A fund whose selling point is cash-like safety is paying 1.57 percentage points less than the government paper you can buy without a wallet. Money that settles around the clock acts on a gap like that quickly.

The fund has gained a job in exchange. Binance accepted BUIDL as off-exchange trading collateral in November 2025, the same week Securitize brought it to BNB Chain, and tokenized collateral has kept spreading since: Bybit now takes Franklin Templeton fund shares, and Binance turned tokenized stocks into futures margin last week. Collateral is the use case, and it runs on a few desks with a lot of money.

BUIDL is turning into plumbing, which is what BlackRock said it wanted. The plumbing carries a fifth less than it did a month ago, across nine chains of which three hold 83.6%, for 105 holders. The release calls that an expansion. In the token counts the money moved between chains instead of growing.

Informational material, not investment advice. Chain figures were read on 1 October 2026 and move daily.