BlackRock has embarked on a groundbreaking venture by tokenizing $1 billion in US Treasuries on-chain, a move that is part of its $10T bet on Ethereum and signifies a major shift towards integrating traditional finance (TradFi) assets with blockchain technology. This initiative, through the BlackRock USD Institutional Digital Liquidity Fund, also known as BUIDL, has attracted at least $240 million since its debut. The fund invests in cash, US Treasury bills, and repurchase agreements, with its crypto token valued at $1 per token. This tokenization effort has not only garnered attention from Wall Street and policy makers in Washington, discussing the implications for policy and regulation, but has also become popular among crypto exchanges as collateral for trading. The partnership between BlackRock and Securitize, along with the involvement of institutions like Brevan Howard, highlights the growing acceptance and exploration of tokenization to enhance the accessibility and efficiency of financial markets.