The biggest fund and investment manager on the planet has deposited 100 million USDC on Ethereum mainnet. This is unlike previous attempts by governments to put notional debt securities on the blockchain. Instead, the world’s largest asset manager showcases a real commitment to crypto and a major step towards mainstream adoption.
Why does BlackRock have an advantage with USDC conversions?
However, we must be critical here, because BlackRock is not dipping its toes in the wild crypto sea for the first time. The big institution also manages the reserves for Circle, the company behind the USDC stablecoin, and this gives them a mechanical advantage with USDC conversions that others do not have.
Why are people sending them meme coins?
People are sending their favorite meme coins to the BlackRock address in order to create the illusion that BlackRock is investing in them. This is not only funny and typical of crypto, but it can also be seen as a token of approval and welcome by the degen crypto community, signaling that we are all in it together.
Degens taint BlackRock’s ETH address with Tornado Cash funds
Crypto degens have sent funds from Tornado Cash, an ETH mixer that allows users to obfuscate the trail of their cryptocurrency transactions, to BlackRock’s ETH address. This means the address is automatically blacklisted on several ‘centralized’ decentralized finance protocols. In August 2022, the U.S. Department of the Treasury imposed sanctions on Tornado Cash, effectively blacklisting the protocol and making it illegal for U.S. citizens, residents, and companies to use or interact with it.
This is humorous but could cause issues for BlackRock’s address to execute transactions or use decentralized applications in the future. As a U.S.-based financial institution, BlackRock might face regulatory scrutiny or potential legal consequences if its Ethereum contract inadvertently interacts with addresses previously associated with Tornado Cash.
What are the details of the BlackRock fund and its deployment on Ethereum?
What are the details of BlackRock’s fund and its deployment on Ethereum? BlackRock has tokenized their BlackRock USD Institutional Digital Liquidity Fund into 100 shares on an Ethereum ERC20 contract. The fund’s details can be found on BlackRock’s website (https://blackrock.com/cash/en-za/products/229261/blackrock-ics-us-dollar-liquidity-premier-acc-fund), and the SEC filing is available at https://sec.gov/Archives/edgar/data/2013810/000201439024000001/xslFormDX01/primary_doc.xml.
The Ethereum contract address is https://debank.com/profile/0x13e003a57432062e4eda204f687be80139ad622f
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