BlackRock’s BUIDL Now Used as Crypto Trading Collateral
BlackRock’s blockchain-based fund, BUIDL, is now being accepted as collateral on two of the biggest crypto exchanges: Crypto.com and Deribit. This means that professional and institutional traders on these platforms can now use a blockchain-based version of U.S. Treasurys that earns interest to support their trades.
BUIDL is a digital money market fund launched by BlackRock and Securitize in March 2024. It’s backed by U.S. Treasury bonds and offers about 4.5% annual interest. The fund has grown quickly and now holds $2.9 billion in assets, with big investors like Ondo Finance and Ethena Labs.
In the press release, Michael Sonnenshein, COO at Securitize, says, “This is a major turning point.” He emphasized that tokenized securities…
