In April, Circle, the issuer of the USDC stablecoin announced it is willing to purchase tokens in BlackRock’s BUIDL tokenized money market fund (MMF) as a secondary market buyer. So BUIDL investors can sell their tokens 24/7 in exchange for USDC. This was a groundbreaking move for a fund issued by a traditional finance (TradFi) asset manager.
While most institutional investors in tokenized MMFs are crypto firms, this ability for an institutional investor to off-ramp from money market funds at a precise time is extremely powerful.
With better usability, this could appeal to corporate treasurers and other institutions. Although they will want the ability to off-ramp from the stablecoin instantly.
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