Several events are in the pipeline for the crypto industry this week, like Frax Finance revamping its FRAX stablecoin into a new BUIDL-backed asset, Sui unlocking 64 million governance tokens, and six Israeli investment firms launching Bitcoin mutual funds.

Web3 SDK platform Empyreal will also launch a no-code AI Agent Launchpad. Furthermore, Pendle will perform an airdrop, Movement’s Mainnet Launch is scheduled, and GammaSwap’s yield tokens are having an audit. Overall, it’s a jam-packed week for the crypto community to kickstart 2025.

Frax Votes for BUIDL-Backed Stablecoin

Frax Finance is voting to use BlackRock’s tokenized fund BUIDL as the backing asset for its refreshed frxUSD stablecoin, which will end tomorrow.

The DeFi “Central Bank of Crypto” has been launching stablecoin solutions for years, and now it’s planning to convert its existing FRAX stablecoin into frxUSD. At the time of writing, the voters unanimously favor adopting the proposal.

“Securitize has submitted a proposal to integrate BlackRock’s BUIDL token as a reserve backing for Frax’s soon-to-be-relaunched frxUSD stablecoin. By bridging institutional-grade assets with decentralized finance, we’re driving the next wave of innovation in stablecoins,” Securitize claimed via social media.

In October, BlackRock publicly claimed that it wants exchanges to use its BUIDL token as collateral for derivative assets. Although Frax Finance’s new product is not one of these, it’s not the only BUIDL-backed stablecoin to

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Author: Landon Manning

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