BlackRock BUIDL fund completes its first integration with a DeFi protocol, connecting to the Avalanche on-chain lending platform Euler.

BlackRock's nearly $3 billion tokenized treasury bond fund BUIDL has completed the "first direct DeFi protocol integration" and connected to the Euler protocol on Avalanche. The integration is based on the sToken framework developed by Securitize, which enables further on-chain expansion of BUIDL-like token offerings. sBUIDL is a composable ERC-20 token that is fully convertible for BUIDL funds. Developed by Re7 Labs, the integration allows users to lend USDC or AUSD against sBUIDL and earn AVAX rewards and the underlying yield of the BUIDL fund. "It converts BUIDL into composable ERC-20, enabling on-chain utility without compromising convertibility," Euler said. ”