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.

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. 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

Backed by the U.S. Treasury bills, USDM 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.

Emphasizing 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. Investing 100% of its assets in cash, U.S. Treasury bills, and repurchase agreements, the fund provides secure and transparent yield generation on the blockchain. Manta Network is an early adopter of the BUIlD Fund, facilitating its backed assets through the on-chain yield-bearing stablecoin.

wUSDM on Manta Pacific was introduced during the New Paradigm campaign, where users could stake USDC and mint wUSDM. This initiative resulted in over $132 million worth of wUSDM being minted on Manta Pacific.

RWAs on Manta Pacific and Manta CeDeFi

This collaboration highlights Manta Network’s sustained 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, a new product offering institutional-grade yield and security on RWAs. By staking wUSDM, users not only earn yield but also receive mUSD, a Liquid Custody Token (LCT) on Manta Pacific, unlocking additional rewards and capital efficiency.

About Manta Network

Manta Network is a modular blockchain for zero-knowledge (ZK) applications. Its modular L2 ecosystem, Manta Pacific, caters to EVM-native ZK applications and dApps, aiming for the lowest costs and best user experiences. Utilizing Manta’s Universal Circuits for ZK-as-a-Service and Celestia’s data availability for modularity, Manta Pacific provides 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 participated in renowned web3 accelerators such as Alliance DAO and Berkeley Blockchain Xcelerator.