v0 previewGrades are draft or provisional: produced under Methodology v0.2.1 from public evidence, pending re-verification and issuer right-of-reply. Nothing here is investment advice, and these are not credit ratings.
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BUIDL

BlackRock / Securitize · Tokenized institutional money market fund · Ethereum (multichain) · $3.0B supply · as of 2026-07-11

PILOT COVERAGE (Ring 2). The institutional benchmark for tokenized funds: ~$3B, BlackRock-managed, Securitize-administered, USDC liquidity facility. Demonstrates the top of the universal scale for RWA wrappers.

A
88.8
draftconf high
Haircut: 6.0%
base 4% (A) x 1.00 (high confidence) + 2pp class + 0pp flags
Illustrative — not a margin requirement.
Legal structure & recourse92 · 25%
Regulated fund, BLK management, established transfer-agent framework. [1]
Underlying asset quality95 · 20%
Cash, T-bills, repo. [1]
Redemption & exit88 · 20%
Daily liquidity + USDC facility; KYC-gated participants. [1]
Counterparty & custody85 · 15%
BNY custody stack; concentrated but top-tier. [1]
Onchain implementation80 · 10%
Permissioned token with registry reconciliation. [1]
Transparency & governance85 · 10%
Institutional reporting standards. [1]
What would change this grade: Any gap between token transfers and fund-share registry reconciliation would cut Onchain Implementation.
Live price

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Model signals
Not yet computed

The quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.

Evidence appendix
Legal structure & recourse: [1]
Underlying asset quality: [1]
Redemption & exit: [1]
Counterparty & custody: [1]
Onchain implementation: [1]
Transparency & governance: [1]
As of 2026-07-11 · Methodology v0.2.1