Investment giant BlackRock says it wants to bridge TradFi and the crypto market. Ethereum is up 11% amid speculations of a real world assets bull run. ETH is a commodity and not a security, says Coinbase's chief legal officer. Ethereum could be set for further growth after $10 trillion asset manager BlackRock announced on Tuesday it's launching a tokenized asset fund on the largest smart contracts blockchain.
to debut on Ethereum Ethereum has been rising in the past 24 hours after BlackRock announced its decision to launch its first blockchain-based tokenized fund, BlackRock USD Institutional Digital Liquidity Fund , on the Layer One chain. " will offer investors important benefits by enabling the issuance and trading of ownership on blockchain," as stated on Business Wire. The announcement said this would “expand investors' on-chain offerings, provide instantaneous and transparent settlement, and allow for transfers across platforms.”
aims to maintain a $1 peg per token as the fund would invest 100% of its underlying assets in cash, US Treasury bills, and repurchasable agreements. Investors who subscribe to the fund will earn yields paid as new tokens to their wallets at the end of every month. Bank of New York Mellon will serve as custodian and administrator for BUDL's underlying assets, while Securitize will serve as the tokenization platform and transfer agent.
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