Holders of BlackRock’s first tokenized fund can now convert their shares into USDC, Blockworks reported. This will be made possible on the secondary market through new smart contract functionality, stablecoin issuer Circle said on Wednesday. This will allow sellers of shares to still hold digital dollars. Circle’s new proposal comes after BlackRock launched its BlackRock USD Institutional Digital Liquidity Fund, also known as BUIDL, last month. The product from the world’s largest asset manager — which manages about $10 trillion in assets — is designed to give qualified investors access to U.S. dollar yields by subscribing to the fund through Securitize Markets, a firm focused on tokenizing physical assets. Robert Mitchnick, BlackRock’s head of digital assets, said the new product marks “the latest evolution of our digital asset strategy.” Over the past year or so, tokenized physical and financial assets have gained more traction in traditional financial circles. Circle co-founder Jeremy Allaire said in Thursday’s announcement that tokenized assets address a variety of investor pain points. “USDC enables investors to quickly transfer out of tokenized assets, reducing costs and eliminating friction,” Allaire added. “We are excited to offer this functionality to BUIDL investors and provide investors with the core benefits of blockchain trading through USDC.”