Key Takeaways
- BlackRock’s BUIDL fund enhances wUSDM’s safety and yield, facilitating its use in DeFi platforms.
- The combination of wUSDM into Manta Community promotes enhanced capital effectivity and rewards for customers.
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Manta Community introduced immediately that Mountain Protocol’s stablecoin, wUSDM, is now backed by BlackRock’s BUIDL fund and facilitated via Securitize, BlackRock’s switch agent and tokenization platform. The newest improvement makes Manta Community among the many first to leverage BUIDL by supporting its backed property via wUSDM.
“Manta Community is proud to be one of many early adopters of the BUIDL Fund by supporting its backed property via the on-chain yield-bearing stablecoin,” acknowledged Manta Community.
Mountain Protocol’s wrapped USDM (wUSDM) is a vault token that represents deposits of the USDM stablecoin on the Ethereum blockchain. wUSDM makes USDM extra accessible in decentralized finance (DeFi) functions.
In accordance with Manta Community, the brand new backing is ready to bolster the safety and yield potential of wUSDM. The staff expects that holders will profit from BlackRock’s custodianship.
Launched through the New Paradigm occasion on Manta Pacific, wUSDM allowed customers to stake USDC to obtain wUSDM, with over $132 million minted all through the marketing campaign, in keeping with Manta Community.
The staff mentioned the newest improvement signifies Manta’s dedication to increasing the use circumstances, safety, and utility of Actual-World Belongings (RWAs). The improved options of wUSDM, backed by BlackRock’s BUIDL, provide substantial advantages for customers, together with participation in Manta CeDeFi—a brand new product providing institutional-grade yield and safety.
Launched in March this 12 months, BUIDL is BlackRock’s first tokenized fund on Ethereum. Inside three months of its debut, the fund overtook Franklin Templeton’s Franklin OnChain US Authorities Cash Fund (FOBXX) to change into the world’s largest fairness tokenized fund.
As of June 27, BUIDL crossed $481 million in property beneath administration (AUM) whereas Franklin’s FOBXX, represented by BENJI, reached $357 million in AUM, in keeping with knowledge from Dune Analytics.
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