BlockBeats reports that on June 18, according to Forbes, BlackRock's first public blockchain-based money market fund, BUIDL (launched in partnership with the tokenization entity Securitize), is set to be accepted as collateral on trading platforms Crypto.com and Deribit. This development enables institutions and professional traders to use yield-generating, blockchain-native U.S. Treasury tokens as trading collateral. With BUIDL offering both low volatility (currently yielding an annualized return of approximately 4.5%) and income features, exchanges can lower the minimum collateral requirements, freeing up more capital for other investments.

Since its launch in March 2024, BUIDL's assets under management have grown to $2.9 billion. Its major holders include Ondo Finance, a platform for tokenizing real-world assets, and Ethena Labs, the issuer of the USDe stablecoin.

Eric Anziani, President and Chief Operating Officer of Crypto.com, revealed that this trading platform, which serves over 140 million users, will open BUIDL collateralization for institutional clients in selected jurisdictions. It will cover the full range of services, including spot, leveraged, derivatives, and OTC trading. Deribit, a leading cryptocurrency options trading platform with a trading volume exceeding $1.1 trillion in 2024, will allow institutional clients to use BUIDL as collateral for futures and options trading, as well as introduce spot trading. Historically, Bitcoin has been the dominant form of collateral on the platform.