The world’s largest fund management giant BlackRock has deposited $100 million into the Ethereum blockchain’s USD Coin (USDC) to launch a tokenized digital asset fund.
A U.S. Securities and Exchange Commission (SEC) filing shows that the agency established the BlackRock USD Institutional Digital Liquidity Fund in 2023, but it has not yet launched it.
Digital asset tokenization company Securitize will offer the fund and conduct the token sale, with the minimum investment amount specified in the document as $100,000.
BlackRock, in partnership with Securitize, plans to launch a tokenized investment fund with a minimum investment of $100,000. The fund, called the USD Institutional Digital Liquidity Fund, was announced via a Form D filing with the SEC.
The ERC-20 token BUIDL was launched on March 5 to tokenize the fund. Data from Etherscan shows that BUIDL currently has only one holder and a maximum supply of 100 tokens.
The move comes after the successful launch of the BlackRock iShares Bitcoin Trust (IBIT), which has been the best performing Bitcoin ETF since its launch and currently holds 237,339 Bitcoins, making it the largest holder of Bitcoin.
The company is also one of eight applicants to launch a spot Ethereum ETF.
In January, BlackRock CEO Larry Fink said that Bitcoin and Ethereum ETFs are “stepping stones to tokenization.” According to Fink, tokenization can address money laundering and corruption.
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