Ethena's USDtb has achieved atomic exchange with BUIDL through a new smart contract, and permissions should be for users who must be authenticated by Securitize. For ordinary users, USDtb has basically become the permissionless version of BUIDL on the chain, which should not be the first. Securitize has also promoted sBUIDL on Avalanche before. From the trend, institutions still have strong motivation to promote the on chain use of tokenized funds