Frax's new proposal intends to use BUIDL from BlackRock as the reserve asset for Frax USD stablecoin.

BlockBeatNews

2024-12-23 00:15:24

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BlockBeats news, on December 23rd, Securitize, the broker-dealer of BUIDL Tokenized Currency Market Fund by BlackRock, submitted a governance proposal calling for the addition of BUIDL Token as a reserve asset for the upcoming re-launch of Frax USD stablecoin. The proposal states that besides providing the utility, relative safety, and convenience of Frax USD, it can also significantly drop counterparty risk of its reserves through collaboration with BlackRock. If the proposal is approved, Frax USD will follow the example of USDtb by Ethena and adopt BUIDL Token as the backing asset. BUIDL currently manages assets worth over $530 million, with the majority being short-term U.S. Treasury bonds.

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