BlackRock's BUIDL fund backs Mountain Protocol's wUSDM stablecoin

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Manta Network announced today that Mountain Protocol’s stablecoin, wUSDM, is now backed by BlackRock’s BUIDL fund and facilitated through Securitize, BlackRock’s transfer agent and tokenization platform. The latest development makes Manta Network among the first to leverage BUIDL by supporting its backed assets through wUSDM.

“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,” stated Manta Network.

Mountain Protocol’s wrapped USDM (wUSDM) is a vault token that represents deposits of the USDM stablecoin on the Ethereum blockchain. wUSDM makes USDM more accessible in decentralized finance (DeFi) applications.

According to Manta Network, the new backing is set to bolster the security and yield potential of wUSDM. The team expects that holders will benefit from BlackRock’s custodianship.

Introduced during the New Paradigm event on Manta Pacific, wUSDM allowed users to stake USDC to receive wUSDM, with over $132 million minted throughout the campaign, according to Manta Network.

The team said the latest development signifies Manta’s commitment to expanding the use cases, security, and utility of Real-World Assets (RWAs). The enhanced features of wUSDM, backed by BlackRock’s BUIDL, offer substantial benefits for users, including participation in Manta CeDeFi—a new product offering institutional-grade yield and security.

Launched in March this year, BUIDL is BlackRock’s first tokenized fund on Ethereum. Within three months of its debut, the fund overtook Franklin Templeton’s Franklin OnChain US Government Money Fund (FOBXX) to become the world’s largest equity tokenized fund.

As of June 27, BUIDL crossed $481 million in assets under management (AUM) while Franklin’s FOBXX, represented by BENJI, reached $357 million in AUM, according to data from Dune Analytics.

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