Manta Network’s wUSDM via Mountain Protocol Backed by BlackRock’s BUIDL Fund
Manta Network is proud to announce that the on-chain yield-bearing stablecoin, wUSDM, deployed by Mountain Protocol on Manta Pacific, is now backed by BlackRock’s BUIDL Fund and facilitated through Securitize, BlackRock’s transfer agent and tokenization platform for BUIDL. This marks a new chapter in the long-term growth and security of all holders of wUSDM.
The BUIDL Fund (BlackRock USD Institutional Digital Liquidity Fund) represents BlackRock’s commitment to integrating blockchain technology with traditional financial assets. The BUIDL Fund offers a stable value of $1 per token and pays daily accrued dividends directly to investors’ wallets as new tokens each month. It invests 100% of its assets in cash, U.S. Treasury bills, and repurchase agreements, ensuring secure and transparent yield generation on the blockchain. Manta Network is proud to be one of the early adopters of the BUIDL Fund by supporting its backed assets through the on-chain yield-bearing stablecoin.
wUSDM on Manta Secured by BlackRock’s BUIDL Fund
USDM is a stablecoin deployed by Mountain Protocol that has historically been backed by U.S. Treasury bills. Now, USDM will also be backed by BlackRock’s BUIDL Fund.
This is great news for the Manta Network community. The additional backing by BlackRock’s BUIDL Fund enhances the security and yield potential of Mountain Protocol’s wrapped USDM (wUSDM) and ensures that wUSDM holders benefit from the custodianship of BlackRock, the world’s leading asset management firm.
wUSDM on Manta Pacific was introduced during New Paradigm, where users staked USDC and received wUSDM. Over $132m wUSDM was minted on Manta Pacific over the lifetime of the New Paradigm campaign.
In addition, users can leverage their wUSDM across various DeFi protocols within the Manta Network ecosystem and earn additional rewards and improved capital efficiency, such as Shoebill Finance, Zerolend, Aperture Finance, and more.
RWAs on Manta Pacific and Manta CeDeFi
This milestone underscores Manta Network’s long-term investment in growing the use cases, security, and utility of RWAs available on Manta Pacific. The enhanced security and yield of wUSDM, backed by BlackRock’s BUIDL Fund, present an attractive prospect for users to leverage right now.
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 in addition receive mUSD, an LCT (Liquid Custody Token) on Manta Pacific.
Stay tuned across our socials for information on where you can leverage Manta CeDeFi’s LCTs (including mUSD) for additional rewards.
About Manta Network
Manta Network is the modular blockchain for zero-knowledge (ZK) applications. Manta Pacific is the modular L2 ecosystem for EVM-native ZK applications and dApps that want to deliver the lowest cost and best experience for users. Leveraging Manta’s Universal Circuits to enable ZK-as-a-Service and Celestia’s data availability for modularity to deliver low gas fees, Manta Pacific offers the perfect environment for ZK-enabled applications. Learn more about Manta Pacific here.
Manta Network was created by a team of experienced founders from prestigious institutions, including Harvard, MIT, and Algorand. Manta Network has received investments from many of the top web3 investment funds, including Binance Labs and Polychain Capital. It has grown through participation in the best web3 accelerators, including Alliance DAO and Berkeley Blockchain Xcelerator.
