Golden Finance reports that Securitize previously proposed to use BlackRock’s BUIDL token as the backing of the Frax Finance USD stablecoin. The proposal has been quickly approved by the governance department, paving the way for the launch of the frxUSD stablecoin. BUIDL will be the custodial asset for minting and redeeming frxUSD. According to the statement, the stablecoin will be exclusively backed by assets held by BlackRock BUIDL, which invests in cash, U.S. Treasury bills and repurchase agreements. "FrxUSD combines the transparency and programmability of blockchain technology with the trust and stability of BlackRock's premier Treasury product," Frax Finance founder Sam Kazemian said in a statement.