BlackRock, the world's largest asset manager, has withdrawn $1.5 billion of its tokenized BlackRock USD Institutional Digital Liquidity Fund (BUIDL) from the Ethereum network.
This large-scale migration was carried out by Ethena Labs, an organization that uses funds as collateral for USDtb stablecoins on Aptos, Avalanche, and Polygon networks.
Each of these networks received a $500 million allocation from BUIDL. This measure reduced the supply of BUIDL on Ethereum Tom Wang, chief data officer at Entropy Advisors, reported that it went from about $2.49 billion to $991 million.
Although the transition of tokenized assets has been completed, these tokens will continue to serve as collateral for USDtb, a digital asset that is 100% backed by BUIDL. It is worth noting that 82% of USDtb’s collateral has moved from Ethereum to other platforms, but the actual backing of the fund still resides in off-network assets.
BUIDL will launch on Ethereum in 2024, He has been instrumental in BlackRock's foray into tokenization of real-world assets. (RWA, English acronym), reported by CriptoNoticias.
The Fund operates by investing in short-term U.S. Treasury securities, providing eligible investors with dollar yield and allowing instant trading without the need for a clearing house.
