Leading global asset manager BlackRock has shown tremendous success with its newly introduced tokenized money-market fund, BUIDL. In just one week since its establishment, this Ethereum (ETH) blockchain fund with shared ownership has raised almost $160 million.
BUIDL Fund by BlackRock
A focus of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) is cash and US Treasury bills as well as repurchase agreements investments. The cryptocurrency BUIDL, which has a $1 token value, is awarded to fund holders.
With digital wallets approved by BlackRock’s investment vehicle partner, Securitize, shareholders can move their tokens to further verified addresses. In addition to providing an alternative to stablecoins, the tokenized fund performs a number of crucial tasks, including treasury administration for cryptocurrency companies, enabling Treasury bill derivatives, and acting as collateral for borrowing and trading.
The SEC-registered alternative trading platform Securitize Markets is essential to enabling token transfers between market players.
Although, the SEC has recently been looking more closely at ETH, the native token of Ethereum, Carlos Domingo, CEO of Securitize, stresses that any investigations should be kept apart from the underlying blockchain technology. Domingo further emphasizes how the public Ethereum blockchain has been through many trials and tribulations and is, in his opinion, a solid platform for tokenization efforts.
Since its launch as an exchange-traded fund (ETF) in January, BlackRock’s iShares Bitcoin Trust (IBIT) has accumulated over $13 billion in inflows. With the launch of the BUIDL fund, BlackRock further showcases its commitment to exploring innovative digital asset solutions.
Ondo Finance plans to move assets worth $95 million to BlackRock
Ondo Finance, a platform specializing in tokenized real-world assets (RWA), has transferred assets valued at $95 million to BlackRock’s BUIDL fund. This strategic decision allows Ondo Finance to enable immediate settlements for its US Treasury-backed token, OUSG. As a result, Ondo Finance becomes a significant contributor to the BUIDL ecosystem. Ondo Finance currently holds $15 million worth of BUIDL tokens, bringing the total value of its BUIDL tokens to a significant $110 million when combined with the $95 million transferred earlier.
As of the current moment, the native token of Ondo Finance, ONDO, is priced at $0.909, showing a rise of more than 4% in the last 24 hours. This upward movement contributes to its notable price increase of 115% observed over the previous 30 days.
March 2024, Cryptoniteuae