Ondo US Dollar Yield vs 
BlackRock USD Institutional Digital Liquidity Fund
Tokenised US Treasury exposure from two very different issuers. BUIDL is BlackRock's own fund, distributed with Securitize and aimed at institutions with the minimums to match. USDY is Ondo's, structured to be more accessible and usable as collateral around DeFi, though not offered to US persons. Both pay yield from short-dated government debt; they differ on who can hold them and where they can be used.
12 months, both starting at 100 (AUD)
USDY → 97 · BUIDL → 94| Measure | USDY | BUIDL |
|---|---|---|
| Market cap | A$3.2B | A$3.2B |
| Rank | #45 | #44 |
| Price | A$1.63 | A$1.42 |
| 90-day change (AUD) | −1.6% | −2.0% |
| 12-month change (AUD) | −0.6% | −6.3% |
| From all-time high | −16.0% | −16.0% |
| Supply model | No fixed maximum | No fixed maximum |
| AU exchanges we verify it on | check on-platform | check on-platform |
About Ondo US Dollar Yield
USDY is Ondo Finance's yield-bearing tokenised note backed by short-term US Treasuries and bank deposits — part of the fast-growing "tokenised real-world assets" category. Not available to all jurisdictions.
About BlackRock USD Institutional Digital Liquidity Fund
BUIDL is BlackRock's tokenised US-dollar institutional money-market fund — Treasury-bill exposure issued on public blockchains. Its significance is who issued it: the world's largest asset manager putting a fund on-chain.
FAQ
Which is bigger, Ondo US Dollar Yield or BlackRock USD Institutional Digital Liquidity Fund?
By market value today: BlackRock USD Institutional Digital Liquidity Fund (A$3.2B vs A$3.2B). Size measures money invested, not quality — but it does measure liquidity, which affects how easily you can buy and sell.
Which performed better this year?
Over the past 12 months in AUD terms: USDY −0.6%, BUIDL −6.3% — the chart above shows the whole path, which matters more than the endpoints. Past performance is no indicator of future results, in either direction.
Can I buy both in Australia?
Availability differs — check the where-to-buy section on each coin's page. Compare costs first on the fee calculator, and remember every crypto-to-crypto swap between them is a CGT event.
Should I hold USDY or BUIDL?
That's a personal decision we don't make for you — this page exists to make the structural differences clear so the choice is yours. What we'd say to anyone: understand what job each coin is designed for, size positions like the risk is real, and check the honest failure statistics before going further down the market-cap list.
Data from our market records (powered by CoinGecko), refreshed with the daily rebuild. General information only, not financial advice — we compare structure and history, we don't pick winners.