Circle facilitates USDC swap for BlackRock’s tokenized fund

12Apr

Circle facilitates USDC swap for BlackRock’s tokenized fund

By World , , 0 Comments

Circle will allow the direct conversion of BlackRock’s tokenized fund shares into its USDC stablecoin.

According to Cricle’s announcement, a new smart contract feature will enable BlackRock USD Institutional Digital Liquidity Fund (BUIDL) investors to instantly convert their shares to Circle’s USDC stablecoin. The smart contract is designed to offer a “near-instant” off-ramping option for BUIDL, making it accessible to investors around the clock.

In March, BlackRock introduced its inaugural tokenized investment vehicle, the BlackRock Digital Liquidity Fund (BUIDL), providing investors access to yields denominated in USD. Specifically, shares are issued as tokens on the Ethereum blockchain, leveraging the ERC-20 token standard, underpinning the BUIDL token.

The BUIDL token allows participants to buy into the fund, which primarily invests in short-term financial instruments, including U.S. Treasury bills, representing a move towards digitizing traditional financial assets.

BlackRock’s iShares Bitcoin Trust is one of the largest spot Bitcoin ETFs, currently holding over $18.5 billion. It also has the largest cumulative net inflow, at $14.95 billion. With the latest collaboration with Circle, the investment management fund will broaden the utility and appeal of BUIDL.

In recent weeks, Circle has embarked on several strategic initiatives to expand its influence within the blockchain industry. The company integrated its USDC stablecoin natively into the zkSync ecosystem, enhancing transactional efficiency and scalability. Additionally, Circle has partnered with Solana to introduce its cross-chain transfer protocol into the Solana blockchain ecosystem.

What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
Post Views: 114

Share this post

Author

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

Swedish embassy in Baghdad torched after protest over quran burning
20Jul

Swedish embassy in Baghdad torched after protest over quran burning

Smoke was rising from the Swedish embassy building and dozens of demonstrators... read more

19Jan

Twenty-one-year-old Indonesian RM17,600 for contraband possession in Brunei

BANDAR SERI BEGAWAN (Borneo Bulletin/ANN): Twenty-one-year-old Indonesian national was fined BND5,000 (RM17,600)... read more

03Apr

Ethena Labs launch ENA with a 750m airdrop as MakerDAO grabs USDe

Synthetic dollar issuer Ethena Labs has announced the launch of claims for... read more

08May

MoonPay, BitPay partner to simplify crypto transactions

MoonPay, a web3 fintech firm, and BitPay, a crypto payments platform, have... read more

25Apr

Glassnode: Bitcoin’s issuance rate sinks lower than gold’s after fourth halving

Bitcoin’s fourth halving event has drawn significant attention to its comparison with... read more

19Nov

Girl plunges down four floors in China shopping mall after glass panel comes loose

BEIJING: A girl died after falling four storeys to the ground in... read more

03Sep

British most wanted drug smuggler nabbed in Phuket; man has been pretending to be pro boxer for past two years

BANGKOK (The Nation Thailand/ANN): Thailand's Crime Suppression Division (CSD) officers finally tracked... read more

22Dec

Pornhub owner agrees to pay US$1.8mil and independent monitor to resolve sex trafficking-related charge

NEW YORK: The owner of Pornhub, one of the world’s largest adult content... read more

24Jan

US defense secretary make first public appearance, virtually, since hospitalization

WASHINGTON (Reuters) - U.S. Defense Secretary Lloyd Austin made his first public... read more

20Jul

World Court says Israel’s settlement policies are in breach of international law

THE HAGUE (Reuters) - The World Court said on Friday that Israel's... read more