Circle has introduced a new smart contract feature allowing holders of BlackRock's BUIDL shares to exchange them for USDC. This functionality enables seamless transfer of BUIDL shares to Circle for USDC on the secondary market, providing investors with a 'near-instant' off-ramp 24/7. BUIDL, launched by BlackRock in March 2024, is a tokenized fund on the Ethereum blockchain offering U.S. dollar yields. Investors can buy tokens representing fund shares, which invest in assets like U.S. Treasury bills. This digital liquidity fund operates as an ERC-20 token called BUIDL. BlackRock, known for the iShares Bitcoin Trust spot Bitcoin ETF, collaborates with Circle to tokenize assets and streamline investor processes. Circle's Reserve Fund, managed by BlackRock, maintains USDC reserves and aims for a 20% cash and 80% short-duration U.S. Treasuries composition. Read more AI-generated news on: https://app.chaingpt.org/news
