BlackRock's BUIDL Fund Boosts frxUSD

On January 3, 2025, BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) solidified its role in the cryptocurrency market by being approved as collateral for Frax Finance's new stablecoin, frxUSD. This partnership positions BUIDL as a primary reserve asset, enabling the minting and redemption of frxUSD, which emphasizes transparency and programmability through blockchain technology.

BUIDL currently manages over $400 million in assets, including cash holdings and US Treasury bills. The fund has expanded its influence beyond Ethereum to include blockchains like Polygon and Avalanche, supporting various projects in the crypto space.

Recent data from Dune Analytics reveals that over $3.5 billion worth of real-world assets, including US Treasuries, have been tokenized across blockchain networks, indicating a significant shift towards blockchain solutions in the financial sector.

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