Frax approves BlackRock’s BUIDL for new stablecoin

Frax Finance (FXS) has approved Securitize’s proposal to back its new stablecoin, frxUSD, with BlackRock’s BUIDL tokenized money market fund. According to The Block, the governance approval comes just two weeks after the proposal was submitted. Combining blockchain transparency with BlackRock’s treasury assets, frxUSD will allow direct fiat conversions via Paxos, supporting Frax’s push for financial system integration.