Blockchain enthusiasts, come and check out this exciting news! 🎉

On January 3rd, Securitize proposed an exciting initiative: to use BlackRock's BUIDL token to back the Frax Finance USD stablecoin. This proposal quickly gained 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, which is undoubtedly a significant step in the blockchain world.

According to the statement, the frxUSD stablecoin will be exclusively backed by assets held by BlackRock's BUIDL. These assets include cash, U.S. Treasury bills, and repurchase agreements. This combination not only provides strong backing for frxUSD but also brings greater trust and stability to it.

Frax Finance founder Sam Kazemian stated that frxUSD combines the transparency and programmability of blockchain technology with the trust and stability of BlackRock's major Treasury products. This means that users will not only enjoy the conveniences brought by blockchain technology but also the security of traditional financial products.

For blockchain and cryptocurrency enthusiasts, this is undoubtedly a development worth paying attention to. What do you think this combination will mean for the future of the stablecoin market? Feel free to share your thoughts and insights in the comments! Let's explore this exciting topic together!