DJIA38904.04 307.06
S&P 5005204.34 57.13
NASDAQ16248.52 199.44
Russell 20002060.10 8.70
German DAX18163.94 -238.49
FTSE 1007911.16 -64.73
CAC 408061.31 -90.24
EuroStoxx 505013.35 -57.20
Nikkei 22538992.08 -781.06
Hang Seng16723.92 -1.18
Shanghai Comp3069.30 -5.66
KOSPI2714.21 -27.79
Bloomberg Comm IDX102.90 0.64
WTI Crude-fut91.17 0.01
Brent Crude-fut86.57 1.15
Natural Gas1.79 0.00
Gasoline-fut2.79 -0.01
Gold-fut2345.40 33.50
Silver-fut27.50 0.46
Platinum-fut940.60 -5.50
Palladium-fut1007.40 -23.60
Copper-fut423.60 1.85
Aluminum-spot1815.00 0.00
Coffee-fut212.50 5.75
Soybeans-fut1185.00 5.00
Wheat-fut567.25 11.00
Bitcoin67976.00 304.00
Ethereum USD3328.10 56.27
Litecoin98.71 0.69
Dogecoin0.18 0.00
EUR/USD1.0862 0.0007
USD/JPY151.72 -0.02
GBP/USD1.2678 0.0016
USD/CHF0.9044 -0.0014
USD IDX104.28 0.08
US 10-Yr TR4.4 0.091
GER 10-Yr TR2.406 0.007
UK 10-Yr TR4.064 -0.005
JAP 10-Yr TR0.771 -0.004
Fed Funds5.5 0
SOFR5.32 0
High-rise commercial buildings

Sub Markets

Topics

Alternative Assets  + Asset Management  + Capital Markets  + Crypto  + Crypto  + Markets  | 
Frax Launches frxUSD Stablecoin, Backed by BlackRock's BUIDL

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.”

Connect

Inside The Story

Frax FinanceSecuritize

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

New call-to-action