Recently, there has been a major news in the RWA industry that the BUIDL fund under BlackRock has been accepted by Binance @ BinanceZH as collateral for institutions and VIP users, and has been expanded and deployed to BNB Chain. The impact of the former mainly sets a precedent for the integration of RWA assets and mainstream CEX. BUIDL is a representative asset of RWA, but due to the ban on retail transactions, its liquidity has been poor. After being connected to Binance Wealth Management as collateral, it can release more liquidity for its holders. For Binance, it can also attract more high net worth users of BUIDL (the investment threshold for BUIDL is $5 million). The latter indicates that BNB Chain is entering the mainstream financial circle in the United States. Say a few more words about BUIDL, it's quite an interesting product. BUIDL is BlackRock's first securities tokenization fund issued on Ethereum in March 2024, tokenized by Securitize, with assets now exceeding $2.5 billion. If we compare BUIDL with the USDC issued by Circle, the common point is that both are anchored at $1, and the underlying assets are mainly short-term US treasury bond bonds, with an annualized yield of 3-5%. The difference lies in that BlackRock distributes almost all of these profits (deducting 0.20% -0.50% management fees) to institutional investors, rather than taking them all by themselves like Circle does; Holding BUIDL can earn more BUIDL token airdrops, while holding USDC cannot receive interest sharing from Circle Company. In addition, BUIDL is a security token governed by the 1940 Investment Company Act, requiring KYC and whitelisting, and prohibiting retail trading, resulting in weak liquidity. So the stablecoin scale exceeds $298 billion, while BUIDL is only $2.5 billion. Still optimistic about the long-term integration of RWA with on chain DeFi and exchange CeFi.