Recently, the financial analysis company Kaiko released a report indicating that interest rate reduction measures are unlikely to significantly impact the attractiveness of tokenized sovereign debt. The report points out that as digital assets and traditional financial products converge, there is increasing demand among investors for diversified investment portfolios, making tokenized sovereign debt an attractive choice. In particular, the on-chain tokenized fund BUIDL managed by BlackRock has rapidly grown into one of the largest on-chain funds, attracting over $520 million in investments within months after its launch in March 2024 with Securitize. This phenomenon further validates the market's continued interest in tokenized sovereign debt, even under conditions of interest rate cuts, solidifying its position as a safe investment option.