Ondo’s action marks the first example of a crypto protocol leveraging asset management giant BlackRock’s tokenized fund offering, which debuted last week. The fund, represented by the Ethereum-based BUIDL token backed by U.S. Treasury bills and repo agreements, is targeted for white-listed, institutional clients and requires at least $5 million minimum allocation. While the strict requirements prohibits smaller investors to invest in BlackRock’s BUIDL, it allows other platforms such as Ondo to leverage the fund for its own retail-facing offerings.