Securitize launches "sBUIDL" on Euler to unlock on-chain liquidity. Is the spring of RWAFi coming?

Securitize launches a composable sBUIDL Token, marking BlackRock's largest tokenized US Treasury fund BUIDL's entry into the DeFi world. Through direct integration with the Euler lending protocol on Avalanche, it symbolizes traditional financial assets truly entering the on-chain ecosystem, promising unprecedented liquidity and utility for tokenized assets.

From Static Holding to Dynamic Application: BUIDL's Key Transformation

BUIDL is a digital US dollar liquidity fund issued by BlackRock for institutions, investing in short-term US Treasuries and repurchase agreements, with a fund size now approaching $3 billion. Although BUIDL is an ERC-20 token, due to regulatory considerations, it cannot directly participate in open DeFi protocols, resulting in large assets passively lying on-chain.

(BlackRock Moves to Solana! BUIDL Market Cap Reaches $1.7 Billion, Firmly Seated on the "Tokenized Treasury" Throne)

The sBUIDL launched by Securitize can be seen as a "DeFi wrapped version" of BUIDL, minted through its proprietary sToken Vault technology. After investors lock BUIDL in the Securitize vault, they can obtain a 1:1 redeemable sBUIDL, transforming previously restricted assets into freely operable DeFi components.

sBUIDL Lands on Euler Lending Market: Unlocking RWA Liquidity

For its first practical application, sBUIDL chose to collaborate with the relaunched Euler Finance, deployed on the Avalanche blockchain.

Euler, a decentralized EVM lending protocol, previously suffered a $197 million loss due to a hack in 2023, but after relaunching its v2 version in 2024, it has again attracted market attention, with its TVL now exceeding $900 million:

This integration allows sBUIDL to become an acceptable collateral asset on Euler, with a maximum loan-to-value (LTV) ratio of 92.5%. It not only unlocks RWA liquidity but also introduces it into the mainstream DeFi lending cycle.

Institutional Capital + Public Chain Liquidity = Attractiveness

Through sBUIDL, BUIDL holders can:

• Collateralize and borrow stablecoins (such as USDC, USDT, and AUSD)

• Extract liquidity without selling assets

• Participate in other DeFi protocols in the Avalanche ecosystem

• Earn AVAX rewards, enhancing asset utilization efficiency

This structure transforms the traditional "buy and hold" asset strategy into a dynamic investment approach that is "composable, transferable, and strategically operable", holding strong appeal for DAO treasuries and asset management protocols.

From Closed to Open: sBUIDL as a Milestone for RWA Standards

Securitize's sToken Vault technology successfully balances "compliance" and "composability", allowing RWA to participate in on-chain finance without violating regulations. The issuance and integration of sBUIDL also provide a replicable reference template for more tokenized assets to enter DeFi, with interest likely from VanEck to Robinhood.

(Securities Tokenization Reaches $22.6 Billion! SEC Chair Atkins: BlackRock and Franklin Templeton Have Laid Out Plans, Regulatory Laws Need to Keep Up)

BV DAO founder @cmdefi also points out that sBUIDL has successfully removed restrictions on tokenized assets, and other mainstream protocols like Aave are expected to follow suit quickly.

2025 the Year of RWAFi? Intersection of Institutional Funds and DeFi World

This integration is the world's first case of a institutional-level tokenized fund directly entering DeFi, of great significance. It not only opens the door for RWA to be truly applied on-chain but also provides an example for institutional capital to explore DeFi applications, achieving a qualitative change from "on-chain" to "liquid":

The birth and application of sBUIDL is an important milestone for RWAFi entering the open finance domain.

(From Document Crisis to Everything On-Chain: Why is Blockchain the Inevitable Path for Digital Transformation of Capital Markets?)

It is not just a new asset class, but the beginning of a new era: "Traditional finance and the on-chain world are no longer parallel universes, but a combination that can interact, collaborate, and co-create liquidity."

"When will MASK be issued?" This question has been circulating in the crypto community for nearly four years. This time, MetaMask co-founder Dan Finlay finally hinted in an interview on 5/15 that while there is no definitive plan, it is being considered. Moreover, if they do issue a token, it will only be announced through the wallet itself, and they will absolutely not send private messages with Airdrop links.

Early Discussion of MASK in 2021: DAO, Community Governance, and Gradual Decentralization

As early as 2021, MetaMask had publicly stated consideration of launching a native token "MASK" and establishing a DAO:

• MetaMask engineer Erik Marks proposed at a developer conference to allow users to participate in future decisions through tokens.

• ConsenSys CEO Joseph Lubin even tweeted (X): "Wen $MASK?" sparking heated community speculation.

• By 2022, Lubin further publicly stated that the purpose of this DAO was not governance, but to fund tools, and the token would not be designed for short-term profit.

These design concepts all revolve around a core goal of promoting ConsenSys' "gradual decentralization".

2024-2025 Status: Not Yet Issued, But Possibly Will Be

MetaMask co-founder Finlay also emphasized during the interview:

"If we really issue it, we'll announce it directly in the wallet. You'll see the link in the interface, without having to search everywhere, and it won't be from an unknown source."

He warned about the numerous MASK impersonation scams currently circulating, with some even pretending to be MetaMask employees sending Airdrop invitations. He emphasized again:

"We don't have your phone number or email, and we won't contact you this way."

Trump Administration's Impact on Token Regulation? Finlay: It's Definitely More Relaxed Now

Regarding the regulatory environment, Finlay believes the current atmosphere is more friendly compared to the period under former SEC Chairman Gary Gensler:

"Now there's more space to explore new token types and possibilities. Everyone can use this time to test boundaries and create precedents, which might spark the next truly interesting wave of innovation."

However, he also candidly acknowledged that securities law remains securities law, and many projects are still in a gray area that requires caution.

MetaMask Current Status: 30 Million Monthly Active Users, Continuous User Experience Upgrade

Currently, MetaMask has over 30 million global monthly active users. Finlay mentioned that to compete with new wallets like Rainbow and Rabby, the team has been actively improving user interface and operation processes in the past year:

"This is an unauthorized open market, and we know competition will become faster and more intense."

MASK Hasn't Arrived Yet, But Don't Click Random Links and Don't Jump to Conclusions Too Early

In summary, the MetaMask team is not opposed to issuing MASK, but they haven't provided a specific timeline. Their core stance is:

• No hype

• Prevent users from becoming phishing scam victims

• If issued, it will definitely be officially announced from within the wallet

So if someone tells you "Limited Time MASK Claim", please block them directly.