Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
BlackRock's BUIDL fund backs Mountain Protocol's wUSDM stablecoin

BlackRock's BUIDL fund backs Mountain Protocol's wUSDM stablecoin

Cryptobriefing2024/06/27 19:13
By:Cryptobriefing

Key Takeaways

  • BlackRock's BUIDL fund enhances wUSDM's security and yield, facilitating its use in DeFi platforms.
  • The integration of wUSDM into Manta Network promotes enhanced capital efficiency and rewards for users.

Manta Network announced today that Mountain Protocol’s stablecoin, wUSDM, is now backed by BlackRock’s BUIDL fund and facilitated through Securitize, BlackRock’s transfer agent and tokenization platform. The latest development makes Manta Network among the first to leverage BUIDL by supporting its backed assets through wUSDM.

“Manta Network is proud to be one of the early adopters of the BUIDL Fund by supporting its backed assets through the on-chain yield-bearing stablecoin,” stated Manta Network.

Mountain Protocol’s wrapped USDM (wUSDM) is a vault token that represents deposits of the USDM stablecoin on the Ethereum blockchain. wUSDM makes USDM more accessible in decentralized finance (DeFi) applications.

According to Manta Network, the new backing is set to bolster the security and yield potential of wUSDM. The team expects that holders will benefit from BlackRock’s custodianship.

Introduced during the New Paradigm event on Manta Pacific, wUSDM allowed users to stake USDC to receive wUSDM, with over $132 million minted throughout the campaign, according to Manta Network.

The team said the latest development signifies Manta’s commitment to expanding the use cases, security, and utility of Real-World Assets (RWAs). The enhanced features of wUSDM, backed by BlackRock’s BUIDL, offer substantial benefits for users, including participation in Manta CeDeFi—a new product offering institutional-grade yield and security.

Launched in March this year, BUIDL is BlackRock’s first tokenized fund on Ethereum. Within three months of its debut, the fund overtook Franklin Templeton’s Franklin OnChain US Government Money Fund (FOBXX) to become the world’s largest equity tokenized fund .

As of June 27, BUIDL crossed $481 million in assets under management (AUM) while Franklin’s FOBXX, represented by BENJI, reached $357 million in AUM, according to data from Dune Analytics.

BlackRock's BUIDL fund backs Mountain Protocol's wUSDM stablecoin image 0 BlackRock's BUIDL fund backs Mountain Protocol's wUSDM stablecoin image 1 Source: Dune Analytics
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!