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

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

Manta Network has announced that its on-chain yield-bearing stablecoin, wUSDM, deployed by Mountain Protocol on Manta Pacific, is now backed by BlackRock’s BUIDL Fund, according to Manta Network. This collaboration is facilitated through Securitize, BlackRock’s transfer agent and tokenization platform, marking a significant milestone in the security and growth of wUSDM holders.

wUSDM on Manta Secured by BlackRock’s BUIDL Fund

USDM, a stablecoin historically backed by U.S. Treasury bills, will now also have the backing of BlackRock’s BUIDL Fund. This development enhances the security and yield potential of Mountain Protocol’s wrapped USDM (wUSDM), ensuring that holders benefit from the custodianship of BlackRock, the world’s leading asset management firm.

The BUIDL Fund, representing BlackRock’s commitment to integrating blockchain technology with traditional financial assets, offers a stable value of $1 per token and pays daily accrued dividends directly to investors’ wallets. It invests 100% of its assets in cash, U.S. Treasury bills, and repurchase agreements, providing secure and transparent yield generation on the blockchain. Manta Network is an early adopter of the BUIDL Fund, supporting its backed assets through the on-chain yield-bearing stablecoin.

wUSDM on Manta Pacific was introduced during the New Paradigm campaign, where users staked USDC and received wUSDM. Over $132 million worth of wUSDM was minted on Manta Pacific throughout the campaign.

RWAs on Manta Pacific and Manta CeDeFi

This collaboration underscores Manta Network’s long-term investment in enhancing the use cases, security, and utility of Real-World Assets (RWAs) available on Manta Pacific. The enhanced security and yield of wUSDM, backed by BlackRock’s BUIDL Fund, present an attractive prospect for users within the Manta Network ecosystem.

Currently, the Manta community can participate in Manta CeDeFi, the latest innovative product from Manta Network that offers institutional-grade yield and security on RWAs. Users who stake wUSDM will not only earn yield but also receive mUSD, a Liquid Custody Token (LCT) on Manta Pacific, providing additional rewards and improved capital efficiency.

About Manta Network

Manta Network is a modular blockchain designed for zero-knowledge (ZK) applications. Manta Pacific, its modular L2 ecosystem, caters to EVM-native ZK applications and dApps, aiming to deliver the lowest costs and best user experiences. Leveraging Manta’s Universal Circuits for ZK-as-a-Service and Celestia’s data availability for modularity, Manta Pacific offers an optimal environment for ZK-enabled applications.

Founded by experienced professionals from Harvard, MIT, and Algorand, Manta Network has garnered investments from top web3 investment funds like Binance Labs and Polychain Capital, and has participated in renowned web3 accelerators such as Alliance DAO and Berkeley Blockchain Xcelerator.

Image source: Shutterstock

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