Recently, I’ve been studying a pretty interesting phenomenon and found that Wall Street giant BlackRock’s launched BUIDL fund is quietly rewriting the rules of DeFi.

Simply put, BUIDL is a tokenized fund created by BlackRock that moves traditional financial assets (mainly U.S. Treasuries and repurchase agreements) onto the blockchain. It sounds a bit complicated, but the core logic is quite clear: using blockchain technology to optimize asset management, allowing institutional investors to enter DeFi while avoiding the high volatility risks of the crypto market.

BUIDL’s design is quite ingenious. Each token’s value is always pegged to $1, with an APY stabilized around 4.50%, and management fees only between 0.20-0.50%. Investors can redeem 24/7 in real-time, without waiting days like traditional funds. This is a dream come true for institutional capital — combining the stability of traditional finance with the efficiency of blockchain.

Most importantly, within just 8 months of launch, BUIDL accumulated a market cap of $500 million, ranking second in the entire RWA (Real-World Asset) sector. Moreover, Ondo Finance used $160 million of BUIDL to mint deUSD, which caused Ondo’s price to surge over 200%. This is a classic DeFi “doll-in-doll” effect — the multiplier effect generated when traditional financial assets enter the DeFi ecosystem.

Now the story gets even more interesting. Curve and Elixir teamed up to bring BUIDL into the deep liquidity layer of DeFi. deUSD (a synthetic dollar backed by stETH and U.S. Treasuries) provides liquidity through Curve, allowing BUIDL holders to retain their original yields while participating in DeFi trading. This is a huge win for Curve — not only solidifying its position as a stablecoin liquidity hub but also attracting a large amount of institutional capital.

I’ve noticed that CRV’s performance is quite intriguing. After the related news was announced, it indeed rose quite a bit, but its current price is $0.29, with a market cap of $434.56 million, and an 11.32% increase in the past 24 hours. Compared to Ondo’s $2.5 billion market cap, CRV still has plenty of room for growth. As more institutional assets like BUIDL flow into the ecosystem, the value of Curve as a trading hub is gradually being recognized.

This wave of integration between traditional finance and DeFi essentially breaks down the barriers between these two worlds. Giants like BlackRock entering the space not only bring capital but also signal recognition and regulatory push for the entire ecosystem. If you’re looking for the next potential project, it’s worth paying close attention to this RWA and DeFi fusion trend. You can also find related asset movements on Gate, so feel free to do your own research.