Cryptocurrency

Million

USDe

Ethena

BlackRock

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/blackrock-engages-with-cryptocurrency-and-tokenized-bonds/" data-wpel-link="internal">BlackRock Engages with Cryptocurrency and Tokenized Bonds</a> 
BlackRock, the world’s largest asset manager with over $10 trillion in assets, has shown keen interest in cryptocurrencies since mid-last year. The firm has even issued its own tokenized bond and believes in the potential of blockchain-based finance, taking steps in this direction. 
<h2 style="text-align: justify" id="ethena-chooses-blackrock">Ethena Chooses BlackRock</h2> 
The DeFi platform Ethena recently announced its decision regarding a $46 million reserve fund. This fund will be converted into BlackRock and Securitize’s tokenized fund BUIDL, Mountain’s USDM <a href="https://en.coin-turk.com/pepe-and-shiba-inu-price-analysis-memecoins-in-focus/" data-wpel-link="internal">token</a>, Superstate’s USTB, and the former Maker known as Sky’s USDS token. BUIDL will take the lion’s share, receiving $18 million, while the distribution for others is as follows: 
<ul style="text-align: justify"> 
 <li>USDS: $13 Million</li> 
 <li>USDM: $8 Million</li> 
 <li>USTB: $7 Million</li> 
</ul> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-396103 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/10/ethena-duyuru.jpg" alt="" width="1920" height="1080"> 
The company behind USDe issues derivative-backed stablecoins by holding BTC and ETH. They aim to generate returns by converting surplus balances into RWA tokens, utilizing them as an insurance fund. 
<h2 style="text-align: justify" id="tokenized-bonds">Tokenized Bonds</h2> 
One key lesson from <a href="https://en.coin-turk.com/critical-development-tether-usdt-releases-its-striking-report/" data-wpel-link="internal">Tether</a>‘s FUD is the necessity of backing reserves with easily liquid assets. If stablecoin issuers invest the reserves that back their stablecoins in stocks, fluctuations could render some of these stablecoins worthless. After facing criticism for an extended period, Tether has transitioned from risky assets to solely relying on bonds. 
The demand for tokenized U.S. bonds from giants like BlackRock could be significant, driven solely by stablecoin yields. In fact, the tokenized Treasury market has tripled in the past year, reaching $2.2 billion. 
Ethena received applications from 25 different issuers to meet its fund needs, selecting BlackRock and others from this pool. BUILD and many other RWA tokens have been issued on the Ethereum network, and we have observed various tokenized assets expanding to networks like Solana and <a href="https://en.coin-turk.com/why-avalanche-avax-cant-recover/" data-wpel-link="internal">Avalanche</a>. Long-term, the demand and activity in this space are expected to provide substantial returns, liquidity, and TVL support to reliable smart contract platforms. 
Meanwhile, Bitcoin continues to hover around $60,500, seemingly oblivious to all the positive news. Today marks another red day for altcoins, with losses exceeding 3%. 
The post <a href="https://en.coin-turk.com/blackrock-engages-with-cryptocurrency-and-tokenized-bonds/" data-wpel-link="internal">BlackRock Engages with Cryptocurrency and Tokenized Bonds</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

BlackRock Engages with Cryptocurrency and Tokenized Bonds

Table of Contents

COINTURK NEWS

Other articles published on Oct 10, 2024

GameFi Meme Coin Memebet Token Rakes In $430K In One Month – Only Hours Left Before A Price Hike

Market Dynamics Drive Down Cryptocurrency Prices

OpenTrade and Littio Shift to Avalanche: What It Means for the Altcoin Market

Crypto.com Takes Legal Action Against SEC Over Wells Notice

Cosmoverse 2024 in Dubai: Connecting Global Crypto Thought Leaders, Enterprises, and Innovators

Breaking Boundaries: LBank Achieves "Leaps and Bounds" Growth in Q3

Join our free newsletter for daily crypto updates!