Vitalik Buterin defended ETH’s role as a store of value on November 8 while maintaining his support for EIP-1559 and fee burn. BlackRock’s BUIDL fund enables eligible institutional clients to post yield-bearing dollar tokens as collateral through custody arrangements with OKX or Standard Chartered. The underlying exposure consists of cash, U.S. Treasury bills and repurchase agreements rather than ETH. On November 9, the value of tokenized assets hosted on Ethereum stood at $15 billion, down 12.1% over 30 days, while stablecoin market capitalization reached $139 billion, down 6.1% over the same period. The framework shows that Wall Street can use tokenized assets as collateral without holding ETH, but provides no quantified evidence of displacement of ETH or a specific effect on its price.
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