BlackRock Expands BUIDL to BNB

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Good Morning,

Institutions pulled back on BTC while doubling down on RWAs. Bitcoin ETFs saw heavy outflows on macro fears, yet BlackRock expanded BUIDL to BNB Chain with Binance collateral support. Risk is cooling, but the shift toward tokenized treasuries is still accelerating.

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In Today's Email:

• What Matters: BlackRock Expands BUIDL to BNB 👀 

• Product of the Week: Trade.xyz: a 24/7 All-Asset Perps Platform 🕛️ 

• Charts: BTC ETFs’ Second-Biggest Outflow Day, Zcash Fixes Inflation 📊 

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WHAT MATTERS

BlackRock Expands BUIDL to BNB

State of play: BlackRock is expanding its tokenized treasury fund BUIDL onto BNB Chain, marking a major partnership with Binance. The $2.5B fund can now be used as off-exchange collateral for trading on Binance.

• This gives institutional traders a way to hold interest-bearing, dollar-pegged assets while staying active in the market.

• Binance is integrating BUIDL with its triparty banking agents and custody partner Ceffu.

• The move responds to rising demand from institutional clients for yield-bearing collateral options.

• BUIDL already runs on Ethereum, Avalanche, Aptos, Solana, and several Ethereum L2s.

• The launch also comes during a strong year for BNB Chain, boosted by Aster’s growth and new integrations from major RWA issuers like Ondo Finance.

Why it matters: Tokenized treasuries are moving into real exchange collateral systems, not just DeFi.

Our take: This strengthens BUIDL’s position as the leading RWA asset and deepens BlackRock–Binance ties.

For builders and investors: RWA collateral is becoming a core part of trading infrastructure. More integrations are likely.

PRODUCT OF THE WEEK

Trade.xyz: a 24/7 All-Asset Perps Platform

Trade.xyz positions itself as an all-in-one perpetuals venue where users can trade stocks, indices, crypto, and commodities with constant liquidity and no market-hour limits.

• Its goal is to give traders continuous access to global assets in a single interface, backed by HIP-3 flows that help deepen liquidity.

• Users also note that the platform doesn’t appear to charge builder fees, since no approveBuilderFee prompt shows up on trades.

• Given Trade.xyz already earns from HIP-3 incentives and is tied closely to the foundation, the absence of builder fees makes sense.

• It also makes the platform more cost-efficient, strengthening its appeal for pushing Unit equities volume and directional strategies.

Other cool products:

• Beefy Finance, a multichain yield optimizer.

• Helix, a spot and derivatives exchange on Injective.

• Ampleforth, a decentralized finance infrastructure.

• Derivio, an institutional-grade decentralized derivatives ecosystem.

• Accumulated Finance, an omnichain modular liquid staking protocol.

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CHARTS OF THE WEEK

Bitcoin ETFs Log Second-Biggest Outflow Day

State of play: Spot Bitcoin ETFs saw $869.9M in net outflows on Thursday, marking their second-largest daily exit on record.

• Grayscale led withdrawals, followed by BlackRock and Fidelity.

• Analysts say institutions are de-risking on macro uncertainty, creating short-term pressure rather than a long-term shift.

• Bitcoin briefly dipped below $95,000 as over $1B in liquidations hit thin liquidity, with traders now watching support around $92K to $95K.

Our take: This looks like classic macro-driven de-risking rather than a reversal of the ETF trend. Institutions are trimming exposure ahead of uncertain Fed signals, not abandoning the asset class.

Zcash Fixes Inflation and Unveils Tachyon

State of play: Zcash is entering a much healthier phase. The chart shows how ZIP 234 sharply reduced inflation, bringing it down from high double digits to a steady, sustainable curve.

• This tackles one of ZEC’s biggest historical problems and removes a major source of sell pressure.

Alongside the monetary reset, Sean Bowe’s Tachyon proposal lays out a realistic plan to scale Zcash while keeping full privacy.

• Tachyon introduces a new wallet model called oblivious synchronization that lets heavy syncing and computation happen off-device with proof-carrying data, without revealing private information.

• This allows validators to prune old state and supports much higher throughput.

• The roadmap is modular, backward compatible, and can start shipping within a year.

Our take: If the rollout stays on track, Zcash could shift from a stalled privacy coin to a genuinely modern, high-capacity private payments network.

QUICK BITES

• Spot Bitcoin ETFs see $869M in outflows.

• Peter Schiff calls Strategy's model 'fraud.'

• Upbit operator Dunamu posts $165M in profit in Q3.

• Harvard triples down on bitcoin bet with spot ETF buys.

• Tether may lead $1.2B round in German Robotics startup.

• Michael Saylor says 'no truth' to rumor that Strategy sold 47,000 BTC.

• Hong Kong launches tokenized deposit pilot with real-value transactions.

• BlackRock, Binance partner on BUIDL integration and launch on BNB Chain.

NOTEWORTHY READS & MEME

• Stacy Muur’s read on Neobank Almanack.

• DeFi Warhol’s read on Evaluating Airdrop Potential.

• Stablewatch’s thread on Yield Bearing Stablecoin Ecosytem Map.

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