BlackRock's BUIDL Fund Backs Manta Network's wUSDM via Mountain Protocol

Manta Community has introduced that its on-chain yield-bearing stablecoin, wUSDM, deployed by Mountain Protocol on Manta Pacific, is now backed by BlackRock’s BUIDL Fund, in response to Manta Network. This collaboration is facilitated by means of Securitize, BlackRock’s switch agent and tokenization platform, marking a major milestone within the safety and progress of wUSDM holders.

wUSDM on Manta Secured by BlackRock’s BUIDL Fund

USDM, a stablecoin traditionally backed by U.S. Treasury payments, will now even have the backing of BlackRock’s BUIDL Fund. This improvement enhances the safety and yield potential of Mountain Protocol’s wrapped USDM (wUSDM), making certain that holders profit from the custodianship of BlackRock, the world’s main asset administration agency.

The BUIDL Fund, representing BlackRock’s dedication to integrating blockchain know-how with conventional monetary property, presents a steady worth of $1 per token and pays each day accrued dividends on to traders’ wallets. It invests 100% of its property in money, U.S. Treasury payments, and repurchase agreements, offering safe and clear yield era on the blockchain. Manta Community is an early adopter of the BUIDL Fund, supporting its backed property by means of the on-chain yield-bearing stablecoin.

wUSDM on Manta Pacific was launched through the New Paradigm marketing campaign, the place customers staked USDC and obtained wUSDM. Over $132 million value of wUSDM was minted on Manta Pacific all through the marketing campaign.

RWAs on Manta Pacific and Manta CeDeFi

This collaboration underscores Manta Community’s long-term funding in enhancing the use circumstances, safety, and utility of Actual-World Belongings (RWAs) accessible on Manta Pacific. The improved safety and yield of wUSDM, backed by BlackRock’s BUIDL Fund, current a pretty prospect for customers inside the Manta Community ecosystem.

At present, the Manta group can take part in Manta CeDeFi, the most recent modern product from Manta Community that gives institutional-grade yield and safety on RWAs. Customers who stake wUSDM is not going to solely earn yield but in addition obtain mUSD, a Liquid Custody Token (LCT) on Manta Pacific, offering further rewards and improved capital effectivity.

About Manta Community

Manta Community is a modular blockchain designed for zero-knowledge (ZK) functions. Manta Pacific, its modular L2 ecosystem, caters to EVM-native ZK functions and dApps, aiming to ship the bottom prices and finest person experiences. Leveraging Manta’s Common Circuits for ZK-as-a-Service and Celestia’s knowledge availability for modularity, Manta Pacific presents an optimum setting for ZK-enabled functions.

Based by skilled professionals from Harvard, MIT, and Algorand, Manta Community has garnered investments from high web3 funding funds like Binance Labs and Polychain Capital, and has participated in famend web3 accelerators corresponding to Alliance DAO and Berkeley Blockchain Xcelerator.

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