Mainstream crypto platforms will accept BlackRock's money market fund BUIDL as collateral
ChainCatcher news, according to Forbes, BlackRock's first money market fund based on public blockchain, BUIDL (launched in collaboration with tokenization firm Securitize), is set to become an accepted staking asset on trading platforms Crypto.com and Deribit. This means that institutions and professional traders can now use interest-bearing, blockchain-native U.S. Treasury token as trading collateral. With BUIDL's low volatility (currently an annualized yield of about 4.5%) and yield characteristics, exchanges can lower the minimum staking requirements, freeing up more funds for other investments.Since its launch in March 2024, BUIDL's managed scale has grown to $2.9 billion. Its main holders include real-world asset tokenization platform Ondo Finance and stablecoin USDe issuer Ethena Labs.Eric Anziani, President and COO of Crypto.com, revealed that the trading platform, which serves over 140 million users, will open BUIDL staking to institutional clients in selected jurisdictions, covering a full range of services including spot, leverage, derivatives, and over-the-counter trading. Deribit— the top crypto options trading platform with a trading volume exceeding $1.1 trillion in 2024—will allow institutional clients to use BUIDL as margin for futures options trading and will launch spot trading. Historically, the vast majority of collateral on this platform has been Bitcoin.