# BlackRock USD Institutional Digital Liquidity Fund (BUIDL) Quantum Readiness Report

> BlackRock USD Institutional Digital Liquidity Fund has a QRI score of 4.83/100 and is assessed at Stage 1 (Quantum Risk Assessed) with medium evidence confidence.

Evaluation date: 2026-06-01. Review status: draft. Evaluated scope: Tokenized RWA fund (standard ERC-20 and equivalent tokens on multiple L1s/L2s via Securitize); inherits host-chain QRI plus token-specific admin/governance, oracle, and bridge dependencies.

BUIDL is a tokenized money market fund issued by BlackRock and administered by Securitize, deployed as standard ERC-20 and equivalent tokens across nine blockchain networks. It has no native blockchain protocol or custom cryptographic implementation. Per the QRI Token Inheritance rule (Section 7.2), BUIDL shares the base-layer QRI score of its host chains — all of which rely entirely on quantum-vulnerable classical cryptography (ECDSA, Ed25519, Schnorr on secp256k1). Beyond host-chain inheritance, BUIDL has token-specific quantum-critical vulnerabilities: (1) admin/upgrade keys controlled by a single quantum-vulnerable ECDSA-based Fireblocks MPC address, (2) Chronicle Proof of Assets oracle attestations verified via classical Schnorr signatures, and (3) Wormhole bridge dependencies that allow unrestricted value flow between quantum-vulnerable systems. No public cryptographic inventory, quantum threat model, PQC roadmap, migration plan, prototype, or testnet exists. Third-party assessments (EternaX, StablePQC) independently confirm the critical exposure. The QRI Score of 5 reflects the 'No public cryptographic inventory' Readiness & Risk Cap binding at 10 combined with a raw Factor Score of ~4.83. BUIDL is at Stage 1 (Quantum Risk Assessed) — third-party risk assessment exists, but the project itself has published no quantum-specific assessment and has no meaningful production protection.

## Core resources

- [BlackRock USD Institutional Digital Liquidity Fund QRI report](https://qrindex.org/projects/blackrock-usd-institutional-digital-liquidity-fund/): Human-readable assessment with score, stage, evidence, blockers, risks, and assurance notes.
- [BlackRock USD Institutional Digital Liquidity Fund structured report data](https://qrindex.org/projects/blackrock-usd-institutional-digital-liquidity-fund/report.json): Complete report as JSON for deterministic machine processing.
- [QRI methodology](https://qrindex.org/methodology/): Scoring model, evidence handling, readiness stages, confidence, assurance, and report status.
- [All QRI project reports](https://qrindex.org/llms.txt): Score-ranked index of every published project assessment.
- [BlackRock USD Institutional Digital Liquidity Fund official website](https://www.coingecko.com/en/coins/blackrock-usd-institutional-digital-liquidity-fund): Project-maintained website.



## Evidence sources

- [Evidence source 1](<https://eternax.com/post-quantum-exposure-map-2026>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 2](<https://stablepqc.com/>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 3](<https://etherscan.io/address/0x7712c34205737192402172409a8f7ccef8aa2aec>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 4](<https://www.halborn.com/audits/securitize/dstoken-e07b34>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 5](<https://www.coinfabrik.com/blog/securitize-smart-contract-audit/>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 6](<https://forum.arbitrum.foundation/t/securitize-markets-buidl-step-application/23658>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 7](<https://etherscan.io/token/0x7712c34205737192402172409a8f7ccef8aa2aec>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 8](<https://securitize.io/learn/press/blackrock-launches-first-tokenized-fund-buidl-on-the-ethereum-network>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 9](<https://defillama.com/protocol/blackrock-buidl>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 10](<https://cryptorank.io/news/blackrocks-buidl-fund-embraces-chronicle-for-unprecedented-verification-of-tokenized-treasury-assets>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 11](<https://github.com/chronicleprotocol/scribe/blob/main/docs/Schnorr.md>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 12](<https://www.businesswire.com/news/home/20260326402329/en/BUIDL-tokenized-by-Securitize-is-now-verified-onchain-by-Chronicle-Proof-of-Asset>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 13](<https://www.fireblocks.com/blog/securitize-integrates-fireblocks-to-improve-its-security-in-the-tokenization-of-real-world-assets>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 14](<https://www.fireblocks.com/blog/google-quantum-research-institutional-crypto-security>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 15](<https://github.com/stakingrewards/defi-risk-rating/blob/master/ratings/BlackRock-BUIDL.md>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 16](<https://eco.com/support/en/articles/15254013-buidl-deep-dive-2026>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 17](<https://hackerone.com/blackrock>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.
- [Evidence source 18](<https://www.blackrock.com/us/individual/compliance/responsible-disclosure>): Public source cited by the BlackRock USD Institutional Digital Liquidity Fund QRI assessment.