Blockchain enthusiasts, come and check out this exciting news! 🎉

On January 3rd, Securitize proposed an exciting initiative: to use BlackRock's BUIDL token as backing for the Frax Finance USD stablecoin. This proposal quickly received approval from the governance department, paving the way for the launch of the frxUSD stablecoin. BUIDL will serve as the custodial asset for minting and redeeming frxUSD, which is undoubtedly a significant step for the blockchain world.

According to the statement, the frxUSD stablecoin will be exclusively backed by assets held in BlackRock BUIDL. These assets include cash, U.S. Treasury bills, and repurchase agreements. This combination not only provides strong backing for frxUSD but also brings more trust and stability to it.

Frax Finance founder Sam Kazemian stated that frxUSD combines the transparency and programmability of blockchain technology with the trust and stability of BlackRock's major government bond products. This means that users can not only enjoy the conveniences brought by blockchain technology but also gain the security of traditional financial products.

For blockchain and cryptocurrency enthusiasts, this is undoubtedly a development worth watching. What impact do you think this combination will have on the future stablecoin market? Feel free to share your thoughts and insights in the comments! Let’s discuss this exciting topic together!