机构入局 DeFi，贝莱德的 BUIDL 现状如何？

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Token化基金BUIDL代表了传统机构利用公共BlockchainTechnology improves operational and capital efficiency, heraldingBlockchainWider adoption of technology.

Written by DigiFT

Summary

•Introduction:2024年3月20日，知名资产管理公司贝莱德（BlackRock）通过与美国Token化平台 Securitize 合作，发行了代币化基金BUIDL（BlackRock USD Institutional Digital Liquidity Fund），进一步扩展其在Web3领域的影响力。这一举措紧随其比特币现货ETF的批准，标志着主流cryptocurrency投资的重大进步。代币化基金BUIDL代表了传统机构利用公共BlockchainTechnology improves operational and capital efficiency, heraldingBlockchainWider adoption of technology.

•代币化基金解决的问题：传统的公开发行基金，如货币市场基金，涉及多个机构的操作，导致由于独立数据库带来的效率低下和高成本。作为在公共区块链上发行的代币，代币化基金消除了对集中登记的需求，通过提供实时、可追溯的交易记录来降低成本。它们实现了实时原子结算和二级市场交易，提高了资本利用率并提供了更高的回报。代币化基金还支持通过智能contractIt can be used for various applications such as staking and lending.

•大型机构入局公链：DeFi领域展示了区块链的优势，但将传统金融资本转移到 Web3面临着巨大的阻力。具有KYC和AML合规白名单控制的基金代币展示了Xiaobai Navigation主流机构探索DeFi的努力。例子包括富兰克林邓普顿（Franklin Templeton）的FOBXX和WisdomTree的WTSYX，这些基金最初使用区块链进行辅助记账。贝莱德的BUIDL通过使用公共区块链作为主要记账工具，与作为受监管的转让代理的Securitize合作，标志着一个突破。

•BUIDL的设计和性能：BUIDL作为ERC20代币在以太坊上发行，支持在白名单内进行实时链上转账。它支持与智能contract的互动，并通过Circle提供实时USDC赎回。截至2024年7月9日，BUIDL的管理资产达到了5.028亿美元，由17个地址持有，包括Ondo Finance等机构的显著参与。BUIDL促进了DeFi的整合，使稳定的现实世界回报流入DeFi领域。

•挑战和未来展望：尽管BUIDL取得了成功，但仍面临显著的监管和合规挑战。资产的代币化在全球范围内面临保守的监管，限制了向合格投资者的发行。然而，贝莱德和富兰克林邓普顿的举措正在引起对链上互动效率的关注，并推动新法律和标准的发展。

On March 20, 2024, asset management giant BlackRock has further laid out Web3 since the issuance of the Bitcoin spot ETF. Through cooperation with the US-based tokenization platform Securitize, it issued the tokenized fund BUIDL (BlackRock USD Institutional Digital Liquidity Fund).cryptocurrencyAs a new type of asset, it is included in the investment scope of the vast number of compliant funds.cryptocurrencyAs a recognition of a type of asset, the greater significance of tokenized funds lies in the fact that traditional institutions are trying to use the public chain in the blockchain as the underlying new technology to improve operational and capital efficiency, which is a recognition and adoption of the blockchain technology.

Compared with traditional funds, what problems can tokenized funds solve?

The funds that investors are widely exposed to are generally public funds. Due to their low threshold, wide coverage, and large amount of funds, such funds, such as money market funds, are strictly regulated. If there are no special regulations, generally speaking, the fund operation process involves the coordination between multiple institutions. Each institution is responsible for a part of the process behind the fund operation, improving efficiency through operational specialization and avoiding excessive concentration of power in a single entity, which may lead to evil. The whole process from beginning to end roughly includes: fund distribution channels (banks, securities firms, financial advisors), fund administrative management, transfer agents, fund audits, fund custody,exchangewait.

However, the inconsistency of the databases of all parties in the process has caused a lot of friction and costs. Generally speaking, every subscription and redemption of a fund involves various institutions in this chain. The order information will be transmitted manually or automatically, and the funds will be delivered through the settlement system. Therefore, it often takes several days to settle a fund subscription.

Through fund tokenization, fund shares are issued and traded on the public chain in the form of tokens, and shares enter investors directly in the form of tokenswallet, shares and net worth can be viewed publicly on the chain, and all transaction records are accessible and queried on the blockchain, recorded in real time and automatically, eliminating the need for centralized registration and avoiding the cost of multiple parties checking back and forth.

代币化之后分销平台可以通过智能合约，将基金份额代币和支付代币（如各类稳定币）之间实现实时的原子化结算，来减少投资者需要等待的时间。若基金代币在链上实现二级市场，投资者可以直接在二级市场实时进入和退出，可以降低基金内部为满足赎回保留的冗余资金规模，从而提高基金的资金使用效率，创造更高的收益；投资者可以通过链上实时结算的二级市场获得高效的交易体验，避免申购赎回的等待周期。

In addition, tokenized funds can be combined with more application scenarios, such as supporting staking, lending and other business scenarios through smart contracts, thereby meeting a wider range of user needs.

机构入局公链的尝试– 从辅助工具，到主要账本

The DeFi scenario fully demonstrates the advantages of blockchain, but in order to transfer the vast traditional financial funds from a complete system of Web2 to a new system based on Web3 technology, there is still huge resistance in the middle. It needs to be gradually promoted and overcome, and new practical solutions need to be explored.

出于合规，特别是KYC 和 AML 的需求，不同于我们常见的加密货币，基金代币通常会设置白名单机制，每个白名单地址对应通过基金平台 KYC 的用户，非白名单地址交易无法执行。如地址间自由转账功能，从中衍生出来的转账风险、资金丢失风险、交易监控等问题，在出现风控方案之前，会是难以突破的限制。

但我们注意到，主流资管机构也在往DeFi 领域探索，试图结合区块链技术的特性改造自己的产品，我们可以在他们的产品设计中看到演变的轨迹。

2021 年，美国资管巨头 Franklin Templeton 发行了代币化基金 Franklin Onchain U.S. Government Money Fund – FOBXX。在最初的设计中，代币实际由转账代理机构在私有数据库系统上维护官方记录，在 Stella 和 Polygon 上做二次记录。若中心化记账和公链记账之间的记录出现冲突，会以中心化记账为主。投资者通过 Franklin 的 APP 来交易基金份额代币，每个用户都会分配到一个链上地址，但投资者并不能转移walletIn 2022, WisdomTree also issued a similarly designed tokenized fund WTSYX on the Stella blockchain that invests in short-term U.S. Treasury bonds.

The design of FOBXX and WTSYX actually only uses blockchain as a tool to assist in bookkeeping and makes share records public, but does not achieve any actual benefits.

In March 2024, BlackRock achieved a major breakthrough in the issuance of BlackRock USD Institutional Digital Liquidity Fund (BUIDL) through the tokenization platform Securitize. Part of the reason for this is that Securitize, as a regulatory-approved registrar (transfer agent), can use the public chain as the main accounting tool to record the ownership and change records of issued assets.

In-depthBUIDL 设计 – 阻碍和改进

根据BUIDL 发行文件，发行基础信息如下：

发行人：BlackRock USD Institutional Digital Liquidity Fund Ltd. （BlackRock 的 BVI 主体，成立于 2023 年）

注册豁免：SEC Reg D Rule 506(c)，Section 3(c)(7)（Reg D 是证券发行的一种豁免条款，允许面向合格投资人募集资金，面向人数和募集规模没有限制）

注册证券类型：集合理财（pooled investment fund

投资门槛：合格购买者(Qualified Purchaser)。

最低投资金额：个人投资者500万 USD；机构投资者2500万 USD

发行规模和投资者规模：无上限

在发行时，唯一的分销渠道是Securitize Markets, LLC，是 SEC 注册的证券经纪人。此外 Securitize 相关主体 Securitize, LLC 是 SEC 注册的过户代理人，能够在区块链上对证券的所有权做登记和记录。

值得注意的是，该基金的发行使用了BlackRock 新注册的一个 BVI 主体，而非其常规基金发行主体，这一设置可能是出于风险的考量，尽量避免对合规主体产生影响。此外，SEC 注册文件中涉及的四位相关人员，分别是位于百慕大的 Ian Pilgrim，位于开曼的 Jennifer Collins，在加拿大的 W. William Woods 和在美国加州的 Nolle L’Heureux。其中仅有 Nolle L’Heureux 是 BlackRock 的董事总经理（Managing Director），在 BlackRock 工作长达32 年。其他三位应属于第三方机构。

信息源Link

BUIDL Product Design

交易货币：USD

申购赎回：每日申购赎回

策略：投资于短期国债为主

份额净值：1 BUIDL = 1USD

代币标准：特殊设计的ERC20，有白名单机制设计，代币仅能在白名单地址中流转，向白名单外地址转账和交易将会失败

收益计算：每个工作日美国东部时间下午3：00 根据地址持有的份额记录收益，每月第一个工作日通过增发 BUIDL 代币并空投的方式发放收益。

赎回规则：每日赎回，当日仅根据持有BUIDL 代币数量按照 1 BUIDL = 1 USD 进行赎回；通过 Securitize 直接赎回会需要将代币发送到指定地址，随后在每个工作日下午三点将 BUIDL 销毁并完成链下 USD 的赎回操作，一般赎回为 T+0。距离上次派息之间累计的收益需要发起“完全赎回”操作，到利息发放（每月第一个工作日）之后 2-3 个工作日完成完全赎回。

BUIDL is an ERC20 token issued on the Ethereum blockchain. It can be freely transferred within the whitelist and can also enter the smart contract of the whitelist. Interactions with addresses outside the whitelist will fail. For DeFi users, a simple step is actually a major breakthrough in traditional finance. This means that large institutions have begun to recognize public chains and use them as accounting tools to register asset ownership transfers and changes. A series of rights and interests based on ownership will also be recorded in the public chain ledger, enjoying its openness, transparency, efficiency and traceability.

By opening the transfer function, BUIDL has enjoyed the advantages of the blockchain-based settlement system to a certain extent. One of the use cases is provided by Circle, which released a contract that allows real-time BUIDL to be exchanged for USDC after BUIDL was released, and prepared a redemption reserve of 100 million USDC to provide BUIDL holders with the option of real-time 1 BUIDL = 1 USDC redemption.

该赎回选项是Circle 提供，本质上是一笔 OTC 交易：Circle 提供兑换合约（下图 Redemption 地址），用户将资金转入兑换合约，会触发合约将另一个 EOA 账户（下图 holder 地址）中的 USDC 转账到用户地址，这些步骤均为链上交易，原子化结算。

图1：Circle 为 BUIDL 提供的 USDC 赎回合约流程图

在设立之初该EOA 账户有 1亿 USDC 的余额。在这里，由于 BUIDL 代币每日的利息是通过中心化记账方式实现的，若通过 Circle 合约兑换 USDC，在发行人 BlackRock 的视角是一笔转账，因此在上次派息和转账发生的时间之间每日记录的利息还会在下一次派息时间发放。在 BUIDL 兑换之后，Circle 会持有 BUIDL，后续操作由 Circle 决策。从目前链上信息来看，Circle 会不定期通过 Securitize 赎回 BUIDL 换回 USD，随后铸造 USDC 并补充到资金池中。

发行后三个月，BUIDL 现状如何？

2024 年 5 月 15 日，BUIDL 的 AUM （Asset Under Management，资管金额）超过 Franklin Templeton 的代币化国债基金 FOBXX，成为最大的代币化基金项目。截止到 2024 年 7 月 9 日，总资管规模打到 5.02亿 USD。但相比传统市场万亿美金级别的体量，整体代币化国债类产品基金规模仅为 18.1 亿美金，还有极大的增长空间。（数据来源：RWA.XYZ，2024 年 7 月 9 日）