Circle Introduces Smart Contracts for BUIDL to USDC Conversion

Circle has introduced smart contract capabilities to facilitate BUIDL holders’ conversion of their shares to USDC, providing a convenient off-ramp for investors.

The Blackrock USD Institutional Digital Liquidity Fund, abbreviated as BUIDL, targets accredited investors with a minimum of $25 million in investable assets, offering a tokenized money market fund. By leveraging the Securitize platform, investors can access U.S. dollar yields while maintaining a consistent token value of $1.

With USDC’s smart contract functionality, BUIDL investors can swiftly exchange their shares for USDC, enabling seamless transactions and reducing costs. Circle’s CEO, Jeremy Allaire, emphasized the importance of tokenizing real-world assets and highlighted the benefits of USDC availability for investors. Currently valued at $288.06 million, BUIDL ranks as the second highest-valued fund, trailing behind Franklin Templeton’s BENJI fund, with a market capitalization of $363.34 million.

Clever Robot News Desk 13^th April 2024