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The world’s largest asset management company BlackRock has officially announced the launch of a tokenized asset fund on the Ethereum (ETH) network in collaboration with digital assets expert Securitize Markets. Named BlackRock USD Corporate Digital Liquidity Fund, the fund will be represented by the Blockchain-based BUIDL token and will be fully collateralized with cash, US Treasury bills, and repurchase agreements. According to the press release, the earnings from the fund will be distributed to token holders on a daily basis through Blockchain channels.
Securitize Markets and BNY Mellon Detail
Securitize Markets will serve as the transfer broker and tokenization platform for the fund, while BNY Mellon will act as the custodian of the assets. Additionally, key participants in the fund’s ecosystem include BitGo, Anchorage Digital Bank NA, Coinbase, and Fireblocks. BlackRock’s entry into the yield-generating stablecoin world on the Ethereum Blockchain has created significant excitement in the cryptocurrency world and is seen as a signal of an important step towards mainstream adoption of cryptocurrencies.
Representative Patrick McHenry and Senator Cynthia Lummis, although the timing of its enactment remains uncertain, have expressed optimism about the potential passage of a stablecoin bill in the US Congress this year. The stablecoin bill is currently awaiting a key vote in the House of Representatives.
It is known that BlackRock is waiting to offer an investment fund linked to the second-largest cryptocurrency by market value, despite the US Securities and Exchange Commission‘s (SEC) reluctance to approve a spot Ethereum ETF.
In addition to the fund launch, BlackRock also made a strategic investment in Securitize Markets, but details of the terms of the deal were not disclosed. BlackRock’s Head of Digital Assets Robert Mitchnick expressed his excitement about the development, saying “This is the latest milestone in our digital assets strategy. We have focused on developing solutions that will help solve real problems for our clients in the digital assets space, and we are excited to work with Securitize Markets.”
A Minimum Commitment of $100,000 Required to Purchase BUIDL Tokens
The BUIDL token was introduced on March 4, 2024, initially consisting of 100 tokens in a single wallet address. Investors interested in purchasing the token must commit at least $100,000, and the fund aims to invest in short-term securities such as commercial paper, certificates of deposit, and variable rate notes, as well as a significant allocation to cash reserves as indicated in the fund’s prospectus.
