Let’s break down the collaboration between Binance and BlackRock’s BUIDL fund. First of all, this is a huge positive for releasing liquidity into exchanges. BUIDL holders can pledge their BUIDL with a regulated third-party OTC platform and then borrow USDT on Binance, all while still earning the 4% annualized yield from short-term treasury bonds tied to BUIDL. So, the yield remains unchanged, liquidity is unlocked—why wouldn’t BUIDL holders go for it? Plus, BlackRock’s BUIDL fund is currently the largest RWA (Real World Asset) fund globally, with a whopping $2.5 billion. But here’s the catch: investing in BlackRock’s BUIDL fund has a super high barrier to entry. You need to pass strict KYC checks and have a minimum investment of $5 million. That’s why this $2.5 billion fund only has 97 holders, with an average of $25 million per person. Regular retail investors like us have absolutely nothing to do with this. So, all the BUIDL holders are basically mega whales. Now, what are these whales doing with the USDT they borrow after pledging their BUIDL on the exchange? As a humble retail investor, I can only fantasize—buying BTC seems like the most logical move, right?