BlackRock Deposits $100M USDC, Receives Memecoins, NFTs Onchain

Chungos #972 NFT sent to BlackRock. Source: Etherscan

According to data, the BlackRock address deposited $200 USDC for the first time on March 5. The company then made a test deposit of $10 on March 15 and then, according to Etherscan, deposited $99,999,960 a few blocks later.

Since 2017, BlackRock’s Fink has modified his views on Bitcoin (BTC) and the blockchain space. Previously, he called Bitcoin a “index of money laundering.”

His opinions have since shifted significantly, and in June 2023 BlackRock submitted an application for a spot Bitcoin exchange-traded fund (ETF). The application was granted, and the fund is currently generating some of the highest volumes in the whole ETF industry.

Now, Fink and BlackRock want to use Ethereum to tokenize financial assets.

In a recent interview with Bloomberg, Fink stated, “We believe the next step going forward will be the tokenization of financial assets. And that means every stock, every bond […] will be on one general ledger.”

“BUIDL” will be the ticker for the BlackRock USD Institutional Digital Liquidity Fund.

It will give qualified investors the chance to subscribe to the Fund through Securitize Markets. LLC and earn yields denominated in US dollars.

How is crypto taxed in the United States?

The IRS treats crypto as property, so selling, swapping or spending it usually triggers a capital gain or loss, while staking and mining rewards are income. Learn cost basis methods, Form 1099-DA, wash sale status and a worked example. Not tax advice.

#markets#regulation