BlackRock has launched BUIDL, a tokenized U.S. Treasury fund issued on the Ethereum blockchain, with a scale of $2.2 billion, which can be traded on Uniswap.
Unlike stablecoins, BUIDL represents shares of traditional money market funds—fully compliant, yielding, and circulating via blockchain.
This means that U.S. Treasuries are genuinely brought on-chain. The on-chain Treasury fund can have transaction and custody functions automatically executed by smart contracts, can flow on-chain 24/7, can be exchanged directly with stablecoins, and can be embedded in other DeFi protocols, bringing real-world yield assets into the DeFi collateral system.
This means BUIDL can be used for on-chain collateral, becoming a high-quality asset in the lending market. It can become an on-chain risk-free yield anchor, with real-world yield assets integrated into the on-chain environment. This changes the entire DeFi interest rate structure.
Stablecoins can bypass the traditional agency banking system to achieve real-time cross-border settlement; smart contracts can automatically allocate interest, dividends, and enforce compliance rules. For large institutions like BlackRock, these efficiency gains will be amplified under scale effects. Even improvements in settlement speed or collateral liquidity may release capital efficiencies on the scale of billions of dollars.
In addition to BlackRock, Fidelity Investments and Franklin Templeton are also advancing tokenized funds and on-chain projects. In the future, more funds will go on-chain, and stocks, bonds, and credit will all be tokenized. DeFi will transition from speculative finance to a digital capital market, representing a migration of financial infrastructure.
BlackRock is not just trading BUIDL on Uniswap; it is bringing Wall Street assets into the blockchain settlement system.
Unlike stablecoins, BUIDL represents shares of traditional money market funds—fully compliant, yielding, and circulating via blockchain.
This means that U.S. Treasuries are genuinely brought on-chain. The on-chain Treasury fund can have transaction and custody functions automatically executed by smart contracts, can flow on-chain 24/7, can be exchanged directly with stablecoins, and can be embedded in other DeFi protocols, bringing real-world yield assets into the DeFi collateral system.
This means BUIDL can be used for on-chain collateral, becoming a high-quality asset in the lending market. It can become an on-chain risk-free yield anchor, with real-world yield assets integrated into the on-chain environment. This changes the entire DeFi interest rate structure.
Stablecoins can bypass the traditional agency banking system to achieve real-time cross-border settlement; smart contracts can automatically allocate interest, dividends, and enforce compliance rules. For large institutions like BlackRock, these efficiency gains will be amplified under scale effects. Even improvements in settlement speed or collateral liquidity may release capital efficiencies on the scale of billions of dollars.
In addition to BlackRock, Fidelity Investments and Franklin Templeton are also advancing tokenized funds and on-chain projects. In the future, more funds will go on-chain, and stocks, bonds, and credit will all be tokenized. DeFi will transition from speculative finance to a digital capital market, representing a migration of financial infrastructure.
BlackRock is not just trading BUIDL on Uniswap; it is bringing Wall Street assets into the blockchain settlement system.