Frax Finance is planning to use BlackRock's BUIDL token as one of the reserve assets for the upcoming relaunch of its stablecoin Frax USD (frxUSD). This proposal was put forward by Securitize Markets and currently enjoys widespread support from members of the Frax community. Once the proposal is approved, Frax USD will adopt a brand new mint-and-redeem mechanism in collaboration with Paxos to facilitate fiat exchanges, while also supporting other high-quality assets as reserves. Asset management firm Superstate has proposed to allocate its USTB and USCC funds for frxUSD reserves, with a maximum allocation of $100 million and $20 million, respectively. (TheBlock)