Securitize, Zero Hash enable USDC-to-USD conversion for BlackRock’s BUIDL fund
Quick Take
- Qualified investors can now subscribe to BlackRock’s BUIDL fund by converting USDC to U.S. dollars via an integration between tokenization firm Securitize and crypto infrastructure provider Zero Hash.
- The move comes as BUIDL, the largest tokenized fund, surpassed $550 million in assets under management for the first time.
Qualified investors can now subscribe to BlackRock’s USD Institutional Digital Liquidity Fund by converting USDC stablecoins to U.S. dollars via an integration between tokenization firm Securitize and crypto-as-a-service infrastructure platform Zero Hash, according to an announcement on Tuesday.
BUIDL is the largest fund for real-world assets of its kind, with approximately $550 million in assets under management as of Oct. 15. It invests directly into U.S. Treasurys and repo agreements, which earn onchain token holders yield. Like stablecoins, the fund’s BUIDL tokens are designed to maintain a peg to the U.S. dollar.
"The introduction of the integration feature between USDC to USD to allow investors to subscribe into BUIDL has been in high demand since the launch and we expect this will further accelerate adoption of the fund,” Carlos Domingo, Securitize co-founder and CEO, said in a statement.
BlackRock-based Securitize issues BUIDL tokens on Ethereum on behalf of BlackRock. The integration with Zero Hash will unlock the ability for people to swap digital assets for dollars directly onchain, thereby enabling people to “stay onchain for the entire investment lifecycle.” It will also provide near-instantaneous and transparent settlement while facilitating the subscription process.
Zero Hash is a FinCen-registered money service business and a regulated money transmitter.
Stablecoin issuer Circle first enabled BUIDL holders to transfer their shares to receive USDC in April.
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