{"id":34126,"date":"2024-12-27T22:00:24","date_gmt":"2024-12-27T19:00:24","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=34126"},"modified":"2024-12-27T20:33:02","modified_gmt":"2024-12-27T17:33:02","slug":"voting-has-started-for-blackrocks-buidl-to-be-used-as-a-reserve-asset-for-frax-stablecoin","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/voting-has-started-for-blackrocks-buidl-to-be-used-as-a-reserve-asset-for-frax-stablecoin\/","title":{"rendered":"Voting Has Started For BlackRock’s BUIDL To Be Used As a Reserve Asset For Frax Stablecoin"},"content":{"rendered":"

Frax Finance<\/strong> community has started voting to adopt BlackRock’s<\/strong> <\/a>BUIDL<\/strong> as a reserve asset for Frax USD (frxUSD)<\/strong>.<\/p>\n

The vote, which opened on December 26, has seen all votes cast by decentralized finance (DeFi)<\/strong> lending protocol tokenholders in favor of the proposal so far. All comments in the discussion are also supportive. The vote will remain open until January 1, 2025.<\/p>\n

Frax Finance tweet:<\/strong><\/a><\/p>\n

\"frax2\"<\/p>\n

According to the vote summary, the benefits of passing the proposal for Frax USD<\/strong> may include creating income opportunities, deeper liquidity, transfer options, and reduced counterparty risk due to the backing of BlackRock<\/strong>.<\/p>\n

In the December 22 discussion about the proposal, initiated by real-world asset tokenization platform Securitize<\/strong>, the broker-dealer for BlackRock\u2019s BUIDL<\/strong>, a user named Achaffee<\/strong> said the move would help bridge traditional finance and DeFi<\/strong>.<\/p>\n

According to Achaffee<\/strong>, tokenized real-world assets (RWAs)<\/strong> provide an excellent bridge between traditional finance and DeFi<\/strong> by bringing institutional-grade investments onchain.<\/p>\n

Achaffee:<\/strong>\u00a0\u201cIn the last 9 months alone, we\u2019ve seen major players, including DAOs and decentralized protocols, put out large public RFPs to explore how they can most effectively strengthen their treasuries or back their stablecoins with RWAs.\u201d<\/p>\n

\u201cThese early explorations mark a significant evolution in how decentralized players manage their financial resources and consider cross-industry asset strategies,\u201d added.<\/p><\/blockquote>\n

BUIDL<\/strong>, launched on March 15, surpassed half a billion dollars in assets under management (AUM) in less than four months.<\/p>\n

BUIDL<\/strong> is pegged 1:1 with the US dollar<\/strong> and pays daily accrued dividends directly to investors each month through a partnership with Securitize. The fund invests in US government securities.<\/p>\n

According to Dune Analytics<\/strong> data, $3.4 billion worth of tokenized treasury funds are now onchain.<\/p>\n

Frax<\/strong> is not the first platform to consider a BUIDL-backed stablecoin<\/strong>. Ethena Labs<\/strong>, which is behind the USDe<\/strong> synthetic dollar, announced on September 26 that it was working on a BUIDL-backed stablecoin<\/strong>. This stablecoin<\/strong>, named USDtb<\/strong>, is a separate product offering from Ethena\u2019s USDe<\/strong>. USDtb<\/strong> went live on December 16 and has accrued $89 million in total value locked (TVL), according to data from DefiLlama<\/strong>.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Frax Finance community has started voting to adopt BlackRock’s BUIDL as a reserve asset for Frax USD (frxUSD). The vote, which opened on December 26, has seen all votes cast by decentralized finance (DeFi) lending protocol tokenholders in favor of the proposal so far. All comments in the discussion are also supportive. The vote will<\/p>\n","protected":false},"author":29,"featured_media":34129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,2],"tags":[10542,10544,535,10538,10546,4475,93,1815,10545,4390,10547,2291,10540,10539,10541,10543,1181,4833],"class_list":["post-34126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-news","tag-achaffee","tag-aum","tag-blackrock","tag-buidl","tag-buidl-backed-stablecoin","tag-decentralized-finance-defi","tag-defi","tag-defillama","tag-dune-analytics","tag-ethena-labs","tag-ethenas-usde","tag-frax-finance","tag-frax-usd","tag-frax-usd-frxusd","tag-real-world-asset-tokenization-platform-securitize","tag-tokenized-real-world-assets-rwas","tag-us-dollar","tag-usde"],"yoast_head":"\nVoting Has Started For BlackRock's BUIDL To Be Used As a Reserve Asset For Frax Stablecoin - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/voting-has-started-for-blackrocks-buidl-to-be-used-as-a-reserve-asset-for-frax-stablecoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Voting Has Started For BlackRock's BUIDL To Be Used As a Reserve Asset For Frax Stablecoin - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Frax Finance community has started voting to adopt BlackRock’s BUIDL as a reserve asset for Frax USD (frxUSD). 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