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USD Coin (USDC) issuer Circle revealed a new smart contract feature with BlackRock, marking a significant stride in integrating the maturing crypto market with traditional finance.
Today @circle announced new features enabling @blackrock BUIDL customers to use $USDC for transfers, enabling seamless onchain integration with their breakthrough tokenized fund. https://t.co/8bYXdHzS9S
— Jeremy Allaire (@jerallaire) April 11, 2024
According to the announcement, the new technology will allow Black USD Institutional Digital Liquidity Fund (BUILD) holders to send their shares to Circle in exchange for USD Coins.
Moreover, BUILD investors will enjoy the core benefits of real-world asset tokenization – speed, efficiency, and transparency.
Circle CEO and co-founder Jeremy Allaire commented on their deepening ties with BlackRock, stating,
“USDC enables investors to move out of tokenized assets at speed, lowering costs, and removing friction. We’re thrilled to provide this functionality to BUILD investors and deliver the core benefits of blockchain transactions via USDC availability to investors.”
BlackRock’s RWA strides
The investment manager ventured into the real-world assets tokenization sector with a significant USDC deposit on the Ethereum (ETH) blockchain.
The BUILD launch represented a crucial milestone for BlackRock’s strides within the tokenization space, highlighting the benefits of integrating blockchain to transform the finance industry.
Meanwhile, Circle’s latest smart contract feature allows BUILD holders to smoothly transfer shares for USD Coin to the issuer on the secondary market.
The post Circle facilitates USDC transfers for BlackRock’s new tokenized fund – details appeared first on Invezz
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