Summary
TLDR: BlackRock’s BUIDL fund, based on Ethereum, has raised $245 million in Ethereum tokens since its launch last week. The fund invests in cash, U.S. Treasury bills, and repurchase agreements. Despite not being a stablecoin, the value of BUIDL is intended to remain 1 to 1 with the U.S. dollar. BlackRock’s move into securities tokenization with BUIDL has been seen as a positive step in the evolution of financial markets. The SEC has delayed decisions on Ethereum ETFs, but there is hope for a spot Ethereum ETF in the future.
Key Points
1. The Ethereum-based BUIDL fund from investing giant BlackRock has raised $245 million in Ethereum tokens since its launch last week.
2. BlackRock says the value of BUIDL is intended to remain 1 to 1 with the U.S. dollar, where 1 BUIDL equals $1, although it is not a stablecoin like USDT or USDC.
3. BlackRock filed documents for the BlackRock USD Institutional Digital Liquidity Fund with the U.S. Securities and Exchange Commission on March 14, renewing hope for a potential Ethereum ETF.