BlockBeats news, on December 23, BlackRock's BUIDL tokenized money market fund broker Securitize has submitted a governance proposal calling for the addition of BUIDL tokens as reserve assets for the upcoming relaunch of the Frax USD stablecoin.
The proposal states that, in addition to providing utility, relative safety, and convenience for Frax USD, it can also significantly reduce counterparty risk of its reserves through collaboration with BlackRock.
If the proposal is approved, Frax USD will follow stablecoins like Ethena's USDtb by adopting BUIDL tokens as reserve assets. BUIDL currently manages assets worth over $530 million, most of which are short-term U.S. Treasury bills.