According to Bloomberg, BlackRock has launched a cryptocurrency called BUIDL, which represents its USD Institutional Digital Liquidity Fund shares. The fund invests in cash, U.S. Treasury securities and repurchase agreements. BUIDL tokens are valued at $1 per token. The BlackRock-approved digital wallet has become one of the largest cryptocurrency backers among mainstream financial firms. According to reports, tokenized funds have three main uses. Securitize Markets is an alternative trading system registered with the SEC and holds a broker-dealer license with the Financial Industry Regulatory Authority. Its affiliates are SEC-registered transfer agents, allowing tokens to be transferred between customers. Domingo noted, however, that the SEC has yet to issue any guidance on whether companies must use private or public blockchains for tokenization.
