BlackRock's move this time is straightforward: directly connecting its treasury yield pool to Binance's collateral layer. This isn’t a partnership or a pilot—it’s about channeling the source of USD liquidity into the crypto collateral system. 1/ BUIDL becomes exchange collateral capital For the first time, BlackRock’s institutional USD fund is directly entering the exchange collateral side, rather than sitting on-chain as an independent RWA. 2/ Functional segmentation BlackRock handles treasury yields. Custodian banks and Ceffu handle OTC compliant custody and on-chain verification. Binance converts this asset structure into usable collateral and liquidity. 3/ Institutional asset efficiency redefined BUIDL is kept in OTC custody, earning yields nonstop, while collateral capabilities are simultaneously unlocked, directly tapping into Binance’s liquidity. 4/ Structural-level change For the first time, BlackRock’s USD fund pool is entering the crypto market’s collateral gateway, becoming the upstream source of liquidity.