New cryptocurrency gets backing from BlackRock fund

Manta Network announced the launch of wUSDM, backed by BlackRock BUIDL Fund and Mountain Protocol.

According to the message their issuance of wUSDM on Blanket Network via Mountain Protocol is now backed by BlackRock's BUIDL fund.

"We are excited to introduce wUSDM, the yield-generating stablecoin available on-chain through Manta Pacific's Mountain Protocol", Manta Network said.

"This stablecoin is now backed by BlackRock's BUIDL fund and managed through Securitize - BlackRock's tokenization platform and transfer agency services."

The USDM stablecoin, which was initially backed by US government bonds via the Mountain Protocol, will now also receive backing from BlackRock's BUIDL fund.

At the time of writing, Manta Network is trading at $1.13, up 14% in 24 hours.