An investor first passes the eligibility, identity and wallet checks required by Securitize and the current offering documents. Once subscription documents are accepted and the custodian confirms funds, Securitize records and issues the applicable digital shares. A transfer can settle on-chain at any hour only when the receiving participant and wallet are approved; the transfer agent may delay or refuse an improper or unauthorized transfer.
Portfolio income belongs to shareholders under the class terms. The 2024 launch described daily accrual paid as new tokens each month, while the 2025 Solana-class release described daily payouts. Investors should therefore check the current class supplement rather than assume one schedule for every BUIDL token.
Fund redemption is distinct from a token swap. A May 2024 Securitize Markets STEP application described business-day USD redemption at NAV through the transfer-agent record, with a cutoff and payment to the shareholder account of record; it also described a $250,000 minimum for partial redemptions except a full exit. Circle, RLUSD, USDtb and UniswapX routes may offer faster secondary liquidity, but they depend on separate counterparties, whitelists and terms.
On-chain administration is deliberate. The verified Ethereum proxy can be retargeted by its owner, and Securitizeās servicing stack assigns roles for issuance, transfer validation, pausing, freezing, seizure and burns. These controls let the legal register and token record be reconciled; they also mean BUIDL is not censorship-resistant money.
