Revelations of RWA Projects: Understanding the Core Logic Ignored by Enterprises through the BlackRock BUIDL Fund

1. RWA Explosion Period: BlackRock BUIDL Fund Becomes On-Chain Treasury Benchmark

In July 2025, the total market value of RWA (Real World Asset tokenization) has reached 24.52 billion USD, a staggering increase of 115.1% compared to 11.4 billion USD in the same period last year. In the segmented fields, private credit leads with 11.4 billion USD, followed by government bonds in second place with 7.5 billion USD. Notably, in the government bond sector, the BUIDL fund launched by the world's largest asset management group BlackRock stands out — its scale of 2.821 billion USD occupies nearly 40% of the on-chain government bond market. The success of this phenomenal project hides the common codes for all RWA projects to break through.

2. Compliance First: The Survival Bottom Line and Faith Cornerstone of RWA Projects

In its annual letter published in March 2025, BlackRock stated, "Every asset can be tokenized, which will bring an investment revolution." The BUIDL Fund, born in March 2024, is a forward embodiment of this idea – 100% invested in a combination of cash, U.S. Treasuries, and repurchase agreements, becoming BlackRock's first tokenized fund issued on a public chain.

A successful RWA project must first have an absolute respect for compliance. The BUIDL fund is issued in accordance with Rule 506 of the Securities Act of 1933 (c) and Section 3 of the Investment Company Act of 1940 (c), strictly limiting participation to "qualified purchasers": individuals or family offices must have at least $5 million in investable assets, with an initial minimum investment of $5 million, and must pass the KYC/AML review by Securitize Markets and be whitelisted. This "compliance-first" design is the core strength that attracts institutional clients.

The improvement of the global regulatory system has given more participants a firm belief in compliance. Policies such as the U.S. "genius" bill, the Hong Kong stablecoin regulations, and the U.S. "CLARITY Act" have laid out a clear legal framework for RWA. However, for small and medium-sized enterprises, accurately interpreting complex regulations and adapting to regulatory requirements is not an easy task. They often stagnate in compliance due to a lack of professional teams, making it difficult to advance projects as quickly as the giants.

3. Ecological Synergy: The deep binding of technology and resources is the key to breaking the deadlock.

Compliance is the bottom line, and resource integration is the engine for the rise of RWA projects. The collaboration between BlackRock and Securitize demonstrates an effective model of ecological synergy — not just a simple client-vendor relationship, but a deeply symbiotic ecological partnership.

Securitize plays a core role in the entire process of tokenization: it is not only the technological platform for digitizing fund shares but also serves as the transfer agent managing issuance and redemption, as well as the compliance gateway responsible for investor access; its subsidiary directly acts as the allocation agent. This full-chain support of "technology + services + channels" allows the BUIDL fund to stand at a resource high ground since its inception. More importantly, BlackRock's strategic investment in Securitize and the appointment of executives to the board have completely broken down the collaboration barriers between the two parties.

Connecting blockchain technology platforms, building KYC systems, and addressing challenges such as opening asset mapping channels are often difficult to tackle alone. The RWA Accelerator can directly link to Securitize-level technology service providers and even assist companies in strategically investing in high-quality infrastructure companies, replicating BlackRock's ecological construction path and quickly forming a complete issuance closed loop.

4. Model Design: Economic Logic Determines Project Lifecycle

After the technology is implemented, the economic token model becomes the lifeline of RWA projects. The design of the BUIDL fund provides a useful reference:

The subscription process enables a seamless connection between fiat currency and on-chain tokens — investors wire USD to Bank of New York Mellon, and after BlackRock purchases the underlying assets, Securitize mints BUIDL tokens to the whitelist address at a 1:1 ratio, with the entire on-chain record being traceable.

The redemption mechanism is a groundbreaking innovation: in addition to the traditional T+1/T+2 fiat redemption, the instant redemption channel for USDC in cooperation with Circle allows investors to exchange BUIDL for stablecoins at any time, perfectly resolving the contradiction between traditional financial settlement and the immediacy of DeFi. Etherscan data shows the high-frequency calls of the "Circle: BUIDL Off-Ramp" contract, which confirms the market value of this design.

Of course, the whitelist mechanism also brings the "compliance and openness balance dilemma"—BUIDL cannot directly connect to permissionless protocols like Aave and needs to achieve encapsulated integration through intermediaries like Ondo Finance. Regardless of whether the asset type is government bonds, real estate, or minerals, a token model that fits its own attributes must be designed. Small and medium-sized enterprises often struggle to independently complete model designs that meet market demands due to a lack of professional teams, easily falling into the "issue and die" predicament.

5. Long-term perspective: Expanding the boundaries of RWA by standing on the shoulders of giants.

From compliance frameworks to ecological collaboration, and then to economic model design, every step taken by the BUIDL Fund has provided valuable experience for the RWA industry. Its significance goes far beyond a successful project; it offers a replicable development path for the entire industry:

Expanded asset categories: Breaking the limitation of "only standardized assets can be tokenized," validating the scalability potential of non-standard assets such as real estate and photovoltaic facilities, allowing more types of assets to see the possibility of going on-chain;

Deepen DeFi integration: Explore the innovative model of "compliance packaging" that allows token yields to more flexibly integrate into the DeFi ecosystem while maintaining regulatory bottom lines and releasing asset liquidity.

The value of the RWA accelerator lies in transforming the experiences of giants like BlackRock into standardized tools — from compliance templates to technical interfaces, from resource networks to model frameworks, allowing more enterprises to leverage the next wave of RWA benefits without starting from scratch.