The firm is also whitelisting a handful of market makers, including longtime crypto liquidity provider Wintermute, to facilitate trading. Meanwhile, access to BUIDL is restricted to qualified purchasers, a legal designation for those with assets of $5 million or more.

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The design of financial instruments and processes has always been contingent on the infrastructure such products live on. Blockchain technology, as utilized by

The project, Pendle Finance, splits yield-bearing cryptocurrencies into two tokens, similar to the stripping of principal and interest payments that has been a mainstay in the bond market for more than half a century.