Frax Finance has received governance approval to back its frxUSD stablecoin with BlackRock’s Buidl token – comprising cash, United States Treasury bills, and repurchase agreements.
This move follows a proposal by Securitize, broker-dealer for BlackRock’s tokenized fund, and improves frxUSD’s transparency and reliability, according to Frax founder Sam Kazemian.
The frxUSD token will allow direct fiat conversion through Paxos and aligns with Frax’s efforts to secure a US Federal Reserve Master Account.
BlackRock’s Buidl fund also supports other stablecoins like Ethena’s USDtb.
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