Golden Finance reported that Securitize previously proposed to use BlackRock's BUIDL Token as the support for Frax Finance's USD stablecoin, and the proposal has quickly obtained approval from the governance department, paving the way for the launch of frxUSD stablecoin. BUIDL will become the custodial asset for minting and redeeming frxUSD. According to the statement, the stablecoin will be exclusively supported by the assets held by BlackRock BUIDL, which are invested in cash, US Treasury bonds, and repurchase protocol.
Frax Finance founder Sam Kazemian said in a statement, 'FrxUSD combines the transparency and programmability of blockchain technology with the trust and stability of BlackRock's main government bond products.'
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BlackRock's BUIDL will become the supported token for Frax USD stablecoin.
Golden Finance reported that Securitize previously proposed to use BlackRock's BUIDL Token as the support for Frax Finance's USD stablecoin, and the proposal has quickly obtained approval from the governance department, paving the way for the launch of frxUSD stablecoin. BUIDL will become the custodial asset for minting and redeeming frxUSD. According to the statement, the stablecoin will be exclusively supported by the assets held by BlackRock BUIDL, which are invested in cash, US Treasury bonds, and repurchase protocol. Frax Finance founder Sam Kazemian said in a statement, 'FrxUSD combines the transparency and programmability of blockchain technology with the trust and stability of BlackRock's main government bond products.'