Securitize and Elixir have introduced the sToken, a new way for holders of tokenized real assets, such as the BlackRock BUIDL fund, to generate returns while using them in DeFi through the deUSD stablecoin. This initiative enhances liquidity and composability of real-world assets (RWA), providing a solution to the legal and technical barriers that hinder their widespread adoption in decentralized finance.
Lancement du sToken: A Major Innovation for Institutional Investors
Tokenization firm Securitize is taking another step towards integrating traditional finance with digital assets by introducing the sToken. Developed in collaboration with the Elixir synthetic dollars project, this innovative token utilizes Ethereum’s ERC-4626 standard, which enables the creation of collective vaults that generate returns. For institutional investors, this opens the door to more flexible use of tokenized real assets while continuing to earn interest.
Pour la toute première fois, les détenteurs d’actifs réels tokenisés peuvent utiliser nativement leurs actifs on-chain dans la DeFi, en accédant à une liquidité unifiée via deUSD.
– Philip Forte, fondateur d’Elixir
BUIDL: Leading the deUSD RWA Asset Program
The first asset to benefit from this architecture is BUIDL, the BlackRock digital liquidity fund backed by US Treasuries. Through the deUSD RWA Institutional Program, BUIDL holders can convert their shares into deUSD, the decentralized stablecoin from Elixir, while continuing to generate returns. This advancement offers a new dimension to traditional assets, allowing them to be integrated into the DeFi ecosystem without compromising profitability.
Towards Wider Adoption of Real-World Assets (RWA)
Tokenization is increasingly seen as the future of asset management, facilitating the circulation and use of value on a global scale. Giants like BlackRock, KKR, UBS, and HSBC are already exploring the possibilities offered by blockchain to transform how assets are issued and traded. Despite these advantages, the widespread adoption of RWAs is limited by legal and technical obstacles such as regulatory restrictions on transferability and low integration into DeFi.
Securitize and Elixir believe that the growth of Total Value Locked (TVL) for RWAs depends on solutions that combine regulatory-compliant liquidity with asset composability. With the sToken, Securitize takes another step towards this vision, allowing funds like BUIDL to be used more actively while respecting legal constraints.
Philip Forte, CEO of Elixir, highlights that for the first time, holders of tokenized real assets can use them directly in DeFi through deUSD. This ability to mobilize capital in the blockchain universe without compromising compliance is a leap forward for the industry. Forte emphasizes the potential of deUSD to overcome legal limitations that might hinder users like those of BUIDL.
To ensure this seamless integration, Elixir will issue a derivative of BUIDL called sBUIDL, which will be held by Securitize users. This enhances the project’s liquidity while expanding the reach of deUSD across multiple blockchains, solidifying its position in the market.
Strategic Collaboration and Future Implications
This development is part of the ongoing collaboration efforts between Securitize, BlackRock, and Circle. In October, these partners implemented a system that allows BUIDL holders to sell their shares to Circle in exchange for USDC and transfer BUIDL to the blockchain through Circle’s smart contracts. These initiatives exemplify a broader trend where traditional finance and blockchain innovation converge to offer more dynamic and accessible solutions.
