BlackRock’s multibillion-dollar tokenized money market fund (BUIDL) is reportedly going to be used by the crypto exchange platforms Derebit and Crypto.com.
According to a new report from Forbes, both crypto exchanges will accept BUIDL as collateral, meaning that traders can now use the yield-bearing stablecoin as a security deposit to hedge leveraged bets, freeing up more of their capital to be used elsewhere.
As stated by Michael Sonnenshein, chief operating officer at Securitize, a partner of BlackRock,
“This is a major turning point. We’re really starting to see not just the emergence but a real solidification of tokenized securities becoming a challenger to stablecoins as the common denominator across the crypto ecosystem.
They’re now becoming what we would consider programmable productive capital, as opposed to just a passive investment instrument used for yield or a safe place to park capital.”
BUIDL – which launched in March 2024 – quickly expanded across multiple blockchains, including layer-2 scaling solutions Arbitrum (ARB), Optimism (OP), and Polygon (POL), and has $2.9 billion in assets.
According to the report, Crypto.com will make BUIDL available for institutional clients in select jurisdictions across its full suite of services, while Derebit, the largest crypto options exchange by volume, which normally takes collateral in the form of Bitcoin (BTC), will make BUIDL available on its spot exchange.
The report also notes that BUIDL may soon become available over the top US-based crypto exchange platform Coinbase, as the firm is currently in the process of acquiring Derebit.
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