Elixir hits the curve to bring BlackRock’s BUIDL to DeFi
Decentralized exchange Curve has joined forces with blockchain network Elixir to expand access to decentralized finance (DeFi) for BlackRock's tokenized money market fund, Curve said on November 29.
Tokenholders will soon be able to mint Elixer's product-generating stablecoin, deUSD, on the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), Curve said.
You can then exchange deUSD for other DeFi stablecoins – USD Coin (USDC), Tether (USDT) and Frax – on Curve's liquidity pools.
“[U]$1B to $1B in institutional real-world assets (RWAs) can now create DUSD, a synthetic dollar that yields,” Curve said.
“Curve already handles the majority of deUSD trading and liquidity, with $64M (60% of total liquidity) currently in the pool,” it said in the announcement.
Liquidity providers (LPs) can earn rewards by providing liquidity to pools, Curve said. The Elixir website offers APRs as high as 40% for some DEUSD holders.
Curve has nearly $2 billion in decentralized exchanges (TVL) since November 29, according to Defillama.
Source: RWA.xyz
RELATED: Etena, Secure Spark's $1B Liquidity Merger With USDtb
Blackrock's tokenized fund
Securitized BUIDL is a money market fund that invests primarily in short-term U.S. Treasury bills (T-Bills) and similar low-risk, interest-bearing securities.
BUIDL is the largest tokenized treasury fund in terms of assets under management (AUM), followed by Franklin OnChain US Government Money Fund (FOBXX), with approximately $540 million and $450 million AUM, respectively.
In the year On November 13, Blackrock launched BUIDL on several more blockchain networks, including Aptos, Arbitrum, Avalanche, Optimism, and Polygon.
In the year On November 19, Elixir plans to launch a Liquid Staking Token (LST) for BUIDL and other tokenized securities.
Development of tokenized RWAs
There is increasing demand for tokenized securities (RWAs) that offer lower-risk yields than T-Bills and other money market instruments.
Tokenized Treasury products are now As of Nov. 29, they command $2.5 billion in TVL, marking a more than three-fold increase since early 2024, according to RWA.xyz.
Collectively, tokenized RWAs represent a $30-trillion market opportunity globally, Colin Butler, Polygon's global head of institutional capital, told Cointelegraph in an interview.
Magazine: Fake Rabi Wallet Scam Linked to Dubai Crypto CEO and Several Other Victims
