Market updates
Frax community approves frxUSD stablecoin backed by BlackRock's BUIDL
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2025-01-03 | 5m
According to RWA.xyz, BlackRock's USD Institutional Digital Liquidity Fund has over $648 million in assets under management.
The Frax community has voted to pass FIP-418 to use BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) as backing collateral for the Frax-USD (frxUSD) stablecoin. According to the proposal, which passed unanimously after six days of voting, the tokenized fund provides potential yield-bearing opportunities for frxUSD holders. Counterparty risk is also minimized by collateralizing the stablecoin with a fund from BlackRock, which has over $10.4 trillion in assets under management. The Frax community’s decision to use BUIDL as collateral for the upcoming stablecoin is part of a broader trend to create yield-bearing stablecoins that provide holders with financial rewards.
Source:
CoinTelegraph
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