[a16z’s own playbook](https://a16zcrypto.com/posts/article/blockchains-banks-asset-managers-fintechs/) says issuers want Morpho Blue and Uniswap v4 liquidity, and cites BUIDL plus Apollo’s ACRED already plugged into Morpho. TradFi is putting the permission wall at the token, not abandoning DeFi: BUIDL’s onchain balance is informational while its transfer agent keeps the legally enforceable ownership book.

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