Circle, the company behind USDC stablecoin, has rolled out a new smart contract feature allowing for seamless conversion of BUIDL fund shares to USDC. Launched by BlackRock in March 2024, the BUIDL fund is based on Ethereum and provides dollar stability through tokenization.
In the near future, investors can perform direct redemptions of their BUIDL tokens by depositing them on Circle’s smart contract platform, available around the clock. This development signals BlackRock’s entry into the token fund sector, expanding its existing cryptocurrency initiatives. For example, it currently participates in the crypto market through offerings like the iShares Bitcoin Trust (IBIT), which provides a Bitcoin Exchange-Traded Fund (ETF) with a spot Bitcoin investment.
According to Circle CEO Jeremy Allaire, tokenizing assets addresses the cash limitations for investors, and USDC facilitates swift and affordable asset transfers. BlackRock’s partnership with Circle is founded on a collaborative approach, as BlackRock manages investments in the Circle Reserve Fund.
The Circle Reserve Fund, collaborating with BlackRock and endorsed by the government, typically holds around a third of its USDC savings in cash and short-term American Treasury bonds.
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2024-04-12 01:08