Securitize's previous proposal to back BlackRock's BUIDL token as Frax Finance's US dollar stablecoin has been swiftly approved by the governance department, paving the way for the launch of the frxUSD stablecoin. BUIDL will be the custodial asset for minting and redemption of frxUSD. According to the statement, the stablecoin will be exclusively backed by BlackRock's BUIDL-held asset, which is invested in cash, US treasury securities and repurchase agreements. Sam Kazemian, founder of Frax Finance, said in a statement: "FrxUSD combines the transparency and programmability of blockchain technology with the trust and stability of BlackRock's major Treasury products."