Frax Finance Community Votes to Integrate BUIDL as Reserve Asset for Frax USD
The Frax Finance community is currently voting on a proposal to integrate BUIDL, a tokenized fund investing in Treasury bills, as a reserve asset for its stablecoin, Frax USD. The vote, which began on December 26 and ends on December 31, 2024, has seen overwhelming support so far.
BUIDL, a versatile and reliable fund, already backs other stablecoins like USDtb from Ethena Labs. Its integration with Frax USD is expected to strengthen the stablecoin's stability and allow users to access yields generated by low-risk assets. The Frax Finance community recognizes the potential benefits, including increased yield generation, reduced counterparty risk, and optimized asset transfer.
As of now, 100% of the 74 votes cast are in favor of the proposal, reaching a quorum of 102%. The developers of Frax Finance have also proposed launching and incorporating Frax USD as a new essential component of its ecosystem. The integration of BUIDL is anticipated to have a significant impact on the broader DeFi ecosystem.
The Frax Finance community's vote to integrate BUIDL as a reserve asset for Frax USD is progressing smoothly, with strong community support. If successful, this integration is expected to bring stability and yield benefits to Frax USD and have a positive impact on the DeFi ecosystem as a whole.
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