BlackRock's nearly $3 billion tokenized Treasury fund, BUIDL, has completed the "first direct DeFi protocol integration" to connect to the Euler protocol on Avalanche. The integration is based on the sToken framework developed by Securitize, enabling further on-chain scaling of BUIDL-like token products. sBUIDL is a composable ERC-20 token that can be fully exchanged for BUIDL funds. The integration, developed by Re7 Labs, allows users to lend USDC or AUSD against sBUIDL and earn AVAX rewards and the underlying benefits of the BUIDL fund. "It converts BUIDL into a composable ERC-20 for on-chain utility without affecting convertibility," Euler said.
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