Velo Labs launches BlackRock"s Treasury Fund in Singapore

On September 11, 2024, Velo Labs announced a significant development in Singapore by integrating BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) into its USDV stablecoin ecosystem. This move marks a strategic enhancement of Velo's offerings, as the USDV token will now be backed by high-quality institutional assets, providing users with a reliable store of value and a unit of transfer across various payment and trading applications. Velo Labs aims to bridge the gap between traditional banking and Web3 technologies, facilitating seamless transactions for both institutional and retail users in Asia. The partnership with Securitize, which tokenized the fund, exemplifies Velo's commitment to leveraging blockchain technology to enhance financial solutions. This collaboration is expected to foster greater adoption of digital assets in the region, aligning with Velo's vision of creating frictionless payment experiences. The announcement follows Velo's recent initiative with the Laos government to tokenize its physical gold reserves, further establishing the company as a leader in blockchain-powered financial services. Chatchaval Jiaravanon, co-chairman of Velo Labs, expressed enthusiasm about bringing BlackRock's institutional yield product to Southeast Asia, highlighting the importance of providing access to top-tier assets for users. This initiative not only enhances Velo's product offerings but also positions the company as a key player in the evolving landscape of digital finance. As Velo Labs continues to innovate and expand its services, the integration of BlackRock's fund is likely to attract more users and investors, reinforcing the company's role in the growing Web3 ecosystem and contributing to the broader acceptance of digital currencies in the financial market.