In March 2024, BlackRock issued BUIDL on Ethereum as a tokenized money market security backed by U.S. Treasuries. The fund acts as a conduit to on-chain holders through yields from short-term government debt.

The strategy runs on Ethereum and holds over $500 million in assets, delivering roughly 5% annual yield openly via blockchain systems. Unlike the speculative returns of DeFi, BUIDL bonds are linked to real-world cash flows.

Investors view BUIDL as evidence that regulated financial products can scale on public blockchains, lending credibility to RWAs. BlackRock’s involvement signals RWAs are moving from theory to production, accelerating momentum across tokenized Treasuries and related protocols. The BUIDL payout has provided the RWA sector with tangible evidence that this shift has already started.

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