- Tokenization startup Securitize and cryptocurrency infrastructure provider Zero Hash have partnered to enable eligible investors to convert USDC to US dollars and subscribe to BlackRock’s BUIDL fund.
- The action was taken in response to the largest tokenized fund, BUIDL, surpassing $550 million in managed assets for the first time.
In a statement released on Tuesday, it was announced that eligible investors could now become subscribers to BlackRock’s USD Institutional Digital Liquidity Fund by exchanging USDC stablecoins for US dollars via an integration between infrastructure platform Zero Hash for cryptocurrency as a service and tokenization company Securitize.
As of October 15, BUIDL had over $550 million in assets under management, making it the largest fund of its kind dedicated to real estate.
It makes direct investments in US Treasury bonds and repo arrangements, yielding income for holders of onchain tokens. Like stablecoins, the fund’s BUIDL tokens are meant to stay pegged to the US dollar.
Securitize CEO and co-founder Carlos Domingo said in a statement that the business expects the USDC and USD integration feature—which enables investors to subscribe to BUIDL—to further speed up the fund’s uptake.
Securitize, a BlackRock-based corporation, issuing BUIDL tokens on Ethereum on behalf of BlackRock. Through the connection with Zero Hash, people will be able to swap digital assets for cash directly onchain, enabling them to remain onchain for the remainder of the investment lifetime. It will provide transparent, almost instantaneous settlement and speed up the subscription process.
Zero Hash is a FinCen-registered money service provider and regulated money transmitter.
In April, BUIDL investors may transfer their shares to obtain USDC for the first time thanks to Stablecoin issuer Circle.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
