Circle Collaborates with BlackRock: BUIDL Shares Now Transferable to USDC Stablecoin
Circle, the issuer of the USDC stablecoin, has introduced a new feature enabling the transfer of shares from the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) to its stablecoin.
In an announcement on April 11, Circle unveiled a smart contract functionality allowing BUIDL holders to swap their shares for USDC.
This new capability facilitates seamless transfer of BUIDL shares for USDC on the secondary market, offering investors a “near-instant” off-ramp option around the clock.
BUIDL, launched by BlackRock in March 2024, operates on Ethereum blockchain, providing U.S. dollar yields through tokenization.
READ MORE: Senators Unveil Plans for Stablecoin Legislation at Bitcoin Policy Summit
It allows investors to acquire tokens representing fund shares, invested in assets like U.S. Treasury bills, functioning as an ERC-20 token named BUIDL.
This collaboration between BlackRock and Circle comes after years of cooperation in the cryptocurrency sector, including Circle’s investment in the Circle Reserve Fund, managed by BlackRock Advisors, aimed at managing a portion of USDC reserves.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
