Circle Introduces New Smart Contract Feature Enabling BlackRock’s BUIDL Investors To Convert Shares To USDC
In Brief
Circle now allows BlackRock USD Institutional Digital Liquidity Fund’s BUIDL holders to transfer their shares to Circle for USDC.
Issuer of the USDT stablecoin, Circle, introduced a new smart contract feature enabling BlackRock USD Institutional Digital Liquidity Fund (BUIDL) holders to transfer their shares to Circle for USDC.
The latest smart contract feature from Circle facilitates the seamless conversion of BUIDL shares to USDC on the secondary market. This offers users a reliable and transparent avenue to sell their BUIDL shares while retaining their position as holders of digital dollars.
Jeremy Allaire, co-founder and CEO of Circle, highlighted the growing significance of real-world asset tokenization. He emphasized that while tokenizing assets is crucial, addressing investor challenges is equally important. With USDC, investors can swiftly exit tokenized assets, reducing expenses and eliminating barriers. The company is excited to offer this feature to BUIDL investors, providing them with the advantages of blockchain transactions through USDC accessibility.
The BlackRock USD Institutional Digital Liquidity Fund represents itself through the BUIDL token, which operates on blockchain. It is backed by cash, United States Treasury bills, and repurchase agreements, ensuring full collateralization. It provides token holders with daily yield distributions via blockchain transactions.
Circle’s USDC: Empowering Businesses With Seamless Digital Currency Solutions
Circle facilitates businesses’ use of digital currencies and public blockchains across various sectors worldwide. It is the creator of USDC and EURC, both recognized as highly liquid and interoperable money protocols. Through its open and programmable platform and application programming interfaces (APIs), Circle simplifies the operations of organizations, enabling them to conduct international payments, develop globally accessible Web3 applications, or manage internal treasury functions seamlessly.
The Circle’s native USDC operates within regulated parameters, ensuring full reserves and consistent redemption at a 1:1 ratio for USD. It facilitates institutional on/off-ramps, including Circle Mint, serving eligible users and ensures smooth integration with existing decentralized applications (dApps).
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
