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Frax Protocol to Back frxUSD Stablecoin with BlackRock’s BUIDL Fund
Frax Protocol to Back frxUSD Stablecoin with BlackRock’s BUIDL Fund
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Frax Protocol has received unanimous support for its proposal, FIP-418, to back the frxUSD stablecoin with BlackRock’s BUIDL Fund. The BUIDL fund manages over $648 million in assets and provides yield-generating opportunities for frxUSD holders. Being backed by BlackRock's tokenized fund can potentially minimize counterparty risk for the stablecoin’s collateral. This move reflects a growing trend among stablecoin projects to introduce yield-bearing options that reward holders financially while maintaining stability.
