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.
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Mustafa Mulla