Securitize proposes to use BlackRock's BUIDL token as collateral for the Frax Finance USD stablecoin, a proposal that has quickly received approval from the governance department, paving the way for the launch of the frxUSD stablecoin. 🎉

BUIDL will serve as the collateral asset for minting and redeeming frxUSD, meaning that this stablecoin will be exclusively backed by the assets held in BlackRock's BUIDL. These assets include cash, U.S. Treasury bills, and repurchase agreements, ensuring the security and reliability of the stablecoin. 🔒

Frax Finance founder Sam Kazemian stated that frxUSD combines the transparency of blockchain technology with the trust and stability of BlackRock's main treasury products, providing users with a safer option. 📈