BlackRock’s BUIDL Fund Backs Manta Network’s wUSDM via Mountain Protocol

Manta
Network
has
announced
that
its
on-chain
yield-bearing
stablecoin,
wUSDM,
deployed
by
Mountain
Protocol
on
Manta
Pacific,
is
now
backed
by
BlackRock’s
BUIDL
Fund,
according
to

Manta
Network.
This
collaboration
is
facilitated
through
Securitize,
BlackRock’s
transfer
agent
and
tokenization
platform,
marking
a
significant
milestone
in
the
security
and
growth
of
wUSDM
holders.

wUSDM
on
Manta
Secured
by
BlackRock’s
BUIDL
Fund

USDM,
a
stablecoin
historically
backed
by
U.S.
Treasury
bills,
will
now
also
have
the
backing
of
BlackRock’s
BUIDL
Fund.
This
development
enhances
the
security
and
yield
potential
of
Mountain
Protocol’s
wrapped
USDM
(wUSDM),
ensuring
that
holders
benefit
from
the
custodianship
of
BlackRock,
the
world’s
leading
asset
management
firm.

The
BUIDL
Fund,
representing
BlackRock’s
commitment
to
integrating
blockchain
technology
with
traditional
financial
assets,
offers
a
stable
value
of
$1
per
token
and
pays
daily
accrued
dividends
directly
to
investors’
wallets.
It
invests
100%
of
its
assets
in
cash,
U.S.
Treasury
bills,
and
repurchase
agreements,
providing
secure
and
transparent
yield
generation
on
the
blockchain.
Manta
Network
is
an
early
adopter
of
the
BUIDL
Fund,
supporting
its
backed
assets
through
the
on-chain
yield-bearing
stablecoin.

wUSDM
on
Manta
Pacific
was
introduced
during
the
New
Paradigm
campaign,
where
users
staked
USDC
and
received
wUSDM.
Over
$132
million
worth
of
wUSDM
was
minted
on
Manta
Pacific
throughout
the
campaign.

RWAs
on
Manta
Pacific
and
Manta
CeDeFi

This
collaboration
underscores
Manta
Network’s
long-term
investment
in
enhancing
the
use
cases,
security,
and
utility
of
Real-World
Assets
(RWAs)
available
on
Manta
Pacific.
The
enhanced
security
and
yield
of
wUSDM,
backed
by
BlackRock’s
BUIDL
Fund,
present
an
attractive
prospect
for
users
within
the
Manta
Network
ecosystem.

Currently,
the
Manta
community
can
participate
in
Manta
CeDeFi,
the
latest
innovative
product
from
Manta
Network
that
offers
institutional-grade
yield
and
security
on
RWAs.
Users
who
stake
wUSDM
will
not
only
earn
yield
but
also
receive
mUSD,
a
Liquid
Custody
Token
(LCT)
on
Manta
Pacific,
providing
additional
rewards
and
improved
capital
efficiency.

About
Manta
Network

Manta
Network
is
a
modular
blockchain
designed
for
zero-knowledge
(ZK)
applications.
Manta
Pacific,
its
modular
L2
ecosystem,
caters
to
EVM-native
ZK
applications
and
dApps,
aiming
to
deliver
the
lowest
costs
and
best
user
experiences.
Leveraging
Manta’s
Universal
Circuits
for
ZK-as-a-Service
and
Celestia’s
data
availability
for
modularity,
Manta
Pacific
offers
an
optimal
environment
for
ZK-enabled
applications.

Founded
by
experienced
professionals
from
Harvard,
MIT,
and
Algorand,
Manta
Network
has
garnered
investments
from
top
web3
investment
funds
like
Binance
Labs
and
Polychain
Capital,
and
has
participated
in
renowned
web3
accelerators
such
as
Alliance
DAO
and
Berkeley
Blockchain
Xcelerator.

Image
source:
Shutterstock