Frax Finance is shaking things up with a vote to adopt BlackRock's BUIDL as a reserve asset for its proposed stablecoin, Frax USD. đ
- The vote, open until Jan. 1, 2025, has unanimous support so far.
- Benefits? Yield opportunities, deeper liquidity, and less counter-party risk, thanks to BlackRock's backing.
- Achaffee, a user, notes this bridges traditional finance and DeFi, with tokenized real-world assets leading the charge.
- BUIDL's AUM hit $500M in under four months, investing in US government securities.
- Frax isn't alone; Ethena Labs is also exploring BUIDL-backed stablecoins.