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BlackRock is offering cryptocurrency exchanges Binance, OKX, and Deribit to use its BUIDL token as collateral for derivatives trading. According to Bloomberg, citing anonymous sources, the Wall Street giant is trying to have the BUIDL token, which is more widely used in the digital currency market, accepted as collateral in derivatives trading.
Blackrock Wants Buidl Futures in Exchanges
BUIDL stands out as a large fund with approximately $550 million in assets under management, backed by real-world assets. The fund provides returns to on-chain token holders by investing directly in U.S. Treasury bonds and repurchase agreements. BUIDL tokens are designed to maintain a fixed value to the U.S. dollar, like stablecoins.
According to Bloomberg, major crypto prime brokers such as FalconX and Hidden Road already allow their clients to use the BUIDL token as collateral. These clients include hedge funds. Additionally, a custodian called Komainu announced that clients who invest in BUIDL will be able to use the token as collateral through Hidden Road.
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BlackRock-backed Securitize issues BUIDL tokens on Ethereum. Last month, a firm called Ethena announced that it would launch a new BUIDL-backed stablecoin called UStb.
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