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Alternative Assets  + Asset Management  + Capital Markets  + Crypto  + Crypto  + Markets  |  January 3, 2025
Frax Launches frxUSD Stablecoin, Backed by BlackRock's BUIDL
Joe Palmisano
By: Joe Palmisano

Frax Launches frxUSD Stablecoin, Backed by BlackRock’s BUIDL

Frax Finance, a decentralized stablecoin cryptocurrency protocol, announced the launch of a new U.S. dollar-pegged stablecoin, frxUSD, that will leverage BlackRock’s U.S. dollar Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize.

The frxUSD stablecoin, a rebranded evolution of Frax’s flagship FRAX stablecoin, offers direct fiat redemption capabilities and enhanced compliance with U.S. financial systems. As part of the collaboration, BUIDL will become an enshrined custodian asset for minting and redeeming frxUSD. The stablecoin will be backed by assets held in BlackRock’s BUIDL, which invests in cash, U.S. Treasury bills, and repurchase agreements.

“By partnering with Securitize to access and leverage BlackRock’s BUIDL Fund we are setting a new standard for stablecoins,” said Sam Kazemian, co-founder of Frax Finance. “frxUSD combines the transparency and programmability of blockchain technology with the trust and stability of BlackRock’s prime treasury offerings.”

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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