Under active development. We're continuously fixing and improving the metrics and parameters, so scores and ratings may change. See changelog

RWABeat

BlackRock USD Institutional Digital Liquidity Fund

Tokenized BVI fund that seeks a stable $1.00 NAV and invests 100% of its assets in cash, US Treasury bills, notes and repurchase agreements. Yield is paid monthly as new tokens.

U.S. TreasuriesQualified purchasers onlyTransfer-restrictedOnchain dataIssued by BlackRock Financial Management, Inc. · Platform Securitize
Value
$2.18B
3%30d
Stage
Stage 0
Disclosed
Single-key powers
129
Single key holds critical power
Oracle age
5h 7m
On schedule
Used as DeFi collateral
$0· 0 markets

Risk rosette

Seven risks: the real asset, who you have to trust, and whether you can get out in time.

Underlying Asset: Unverified. The weighted average maturity isn't published.Legal Claim: Not assessed. Not assessed yet. Bankruptcy remoteness, what the token legally is, and holder rights need a legal review.Counterparties: Yellow. The Bank of New York Mellon is both custodian and administrator, so one firm's failure hits both.Control: Red. A single key can replace the contract code.Transparency: Green. Independently sourced, position-level data, refreshed at a pace that fits the asset, and verifiable.Pricing: Yellow. The NAV comes from the issuer, with no independent check.Exit: Unverified · at least yellow. The redemption settlement time isn't public.

What can go wrong

Red findings first, then facts that aren't public, then yellow. 22 in total.

  1. A single key can replace the contract code.

    Control

  2. A single key can create new tokens.

    Control

  3. The weighted average maturity isn't published.

    Underlying Asset

  4. The redemption settlement time isn't public.

    Exit

  5. Any lock-up isn't public.

    Exit

  6. The Bank of New York Mellon is both custodian and administrator, so one firm's failure hits both.

    Counterparties

+16 more in the category tabs.

Legal Claim: not assessed yet. We don't yet judge bankruptcy remoteness or what the token legally gives holders. What we know →

Stage 0 · Disclosed

How much holders have to trust the issuer. Each stage builds on the last.

About stages

Stage 0 · Disclosed

  • What the token holds is described publicly
  • Issuer, custodian, administrator and auditor are named
  • The legal structure is documented
  • Smart contracts are verified onchain

Stage 1 · Protected

  • Bankruptcy-remote structure · legal, not assessed yet
  • Independent custodian and administrator
  • Holdings independently verified, at a pace that fits the asset
  • Admin powers held by a multisig, with a documented policy
  • A documented redemption path

Stage 2 · Trust-minimized

  • An independent trustee who can act for holders · legal, not assessed yet
  • Holdings data that anyone can verify
  • Admin changes behind a timelock, so holders can exit first
  • An exit that works without the issuer's goodwill, and liquidators can hold the token
  • Pricing from an independent source

Key facts

Vehicle
BVI professional fund (company limited by shares)
Jurisdiction
British Virgin Islands
LEI
529900P1LBVZISCTYK24 ✓ GLEIF
Min. investment
$5,000,000.00
Who can hold
Qualified purchasers
Rated as
T-bill or money market fund
Token standard
Securitize DS Protocol

Service providers

Custodian
The Bank of New York Mellon
Fund administrator
The Bank of New York Mellon
Auditor
PwC
Transfer agent
Securitize
Holdings reporting
Chronicle Proof of Asset (Chronicle Labs)

Deployments

EVM deployments we track, with the worst power found on each.

ChainTokenSupplyControlUpgrade path
Ethereum0x7712…2AEc$172.6MRedEOA · none