Frax USD (FRXUSD) news

Frax community approves frxUSD stablecoin backed by BlackRock's BUIDL

According to RWA.xyz, BlackRock's USD Institutional Digital Liquidity Fund has over $648 million in assets under management. The Frax community has voted to pass FIP-418 to use BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) as backing collateral for the Frax-USD (frxUSD) stablecoin. According to the proposal, which passed unanimously after six days of voting, the tokenized fund provides potential yield-bearing opportunities for frxUSD holders. Counterparty risk is also minimized by collateralizing the stablecoin with a fund from BlackRock, which has over $10.4 trillion in assets under management. The Frax community’s decision to use BUIDL as collateral for the upcoming stablecoin is part of a broader trend to create yield-bearing stablecoins that provide holders with financial rewards. Source: CoinTelegraph Futures Market Updates BTC's slight upward movement resulted in sustained bullish sentiment. Bitcoin Futures Updates Total BTC Open Interest: $58.46B (+0.65%) BTC Volume (24H): $68.33B (+38.64%) BTC Liquidations (24H): $14.05M (Long)/$26.58M (Short) Long/Short Ratio: 50.05%/49.95% Funding Rate: 0.0104% Ether Futures Updates Total ETH Open Interest: $24.35B (+2.89%) ETH Volume (24H): $26.78B (+38.05%) ETH Liquidations (24H): $10.64M (Long)/$10.43M (Short) Long/Short Ratio: 50.11%/49.89% Funding Rate: 0.0101% Top 3 OI Surges ZEREBRO: $14.34M (+143.97%) FUEL: $6.72M (+119.22%) MAGIC: $21.57M (+109.16%)