BlackRock goes on-chain with the launch of BUIDL, a tokenized U.S. Treasury bond fund issued on the Ethereum chain, with a scale of $2.2 billion, tradable on Uniswap. Unlike stablecoins, BUIDL represents shares of a traditional money market fund—fully compliant, yielding returns, and circulating via blockchain. This means U.S. Treasuries are truly brought onto the chain. The on-chain Treasury bond fund's trading and custody functions can be automatically executed by smart contracts, enabling 24/7 on-chain liquidity, direct exchange with stablecoins, embedding into other DeFi protocols, and real-world yield assets entering DeFi collateral systems. This means BUIDL can be used for on-chain collateralization, becoming a high-quality asset in lending markets. It can serve as a risk-free yield anchor on-chain, integrating real-world yield assets into the blockchain. This changes the entire DeFi interest rate structure. Stablecoins can bypass traditional banking intermediaries to achieve cross-border real-time settlement; smart contracts can automatically distribute interest, dividends, and enforce compliance rules. For large institutions like BlackRock, these efficiency gains are greatly amplified by scale effects. Even improvements in settlement speed or collateral liquidity could unlock hundreds of millions to billions of dollars in capital efficiency. Besides BlackRock, Fidelity Investments and Franklin Templeton are also advancing tokenized funds and on-chain projects. In the future, more funds will go on-chain, with stocks, bonds, and credit becoming tokenized. DeFi will evolve from speculative finance into a digital capital market, representing a migration of financial infrastructure. BlackRock is not just listing BUIDL on Uniswap for trading; it is integrating Wall Street assets into the blockchain settlement system. $BTC