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BTC
$97,245
+2.5%
ETH
$3,642
+1.8%
BNB
$672
+3.2%
SOL
$248
+4.1%
XRP
$2.85
+5.3%
ADA
$1.24
+2.9%
DOGE
$0.42
+6.2%
LINK
$28.50
+1.5%
Short News

Frax Partners with BlackRock for Stablecoin Collateral

Mustafa Mulla3 Jan 20251 min read

The Frax community has approved a proposal to use BlackRock’s Institutional Digital Liquidity Fund (BUIDL) as collateral for its upcoming frxUSD stablecoin. Known as FIP-418, the proposal received unanimous approval during a six-day voting period. BlackRock’s BUIDL fund, which oversees over $648 million in assets, offers yield-generating opportunities for frxUSD holders. This collaboration is a significant milestone for the Frax Protocol, as BlackRock is the world’s largest asset manager, handling over $10.4 trillion in global assets. By leveraging BlackRock’s tokenized fund, the frxUSD stablecoin aims to reduce counterparty risks and ensure a more secure and efficient collateral framework for its users.

#Crypto news#Stablecoin
Mustafa Mulla
Mustafa Mulla

Author

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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Frax Partners with BlackRock for Stablecoin Collateral | Coinpedia