BlackRock, the world’s largest asset manager, has withdrawn $1.5 billion of its tokenized BlackRock USD Institutional Digital Liquidity Fund (BUIDL) from the Ethereum network.
This large-scale migration was carried out by Ethena Labs, an organization that uses funds as collateral for the USDtb stablecoin to the Aptos, Avalanche, and Polygon networks.
Each of these networks received a $500 million allocation from BUIDL. This measure reduced the supply of BUIDL on Ethereum Tom Wang, chief data officer at Entropy Advisors, reported that it went from about $2.49 billion to $991 million.
Although the transition of tokenized assets has been completed, these tokens will continue to serve as collateral for USDtb, a digital asset that is 100% backed by BUIDL. It is worth noting that 82% of USDtb’s collateral has moved from Ethereum to other platforms, but the actual backing of the fund still resides in off-network assets.
BUIDL will launch on Ethereum in 2024, He has been instrumental in BlackRock’s foray into tokenization of real-world assets. (RWA, English acronym), reported by CriptoNoticias.
The Fund operates by investing in short-term U.S. Treasury securities, providing eligible investors with dollar yield and allowing instant trading without the need for a clearing house.
(Tag translation) Altcoin
