Crypto.com and Deribit are set to accept BlackRock’s BUIDL fund, a tokenized money market fund underpinned by U.S. Treasurys, as collateral on their platforms.
Key Highlights:
- BlackRock’s BUIDL fund will soon be recognized as collateral on Crypto.com and Deribit.
- The fund yields an annual return of 4.5%, providing traders with a stable, income-generating option.
- The expansion of this integration could gain momentum as Coinbase advances its acquisition of Deribit.
Traditionally, cryptocurrency traders have faced a dilemma: either use stablecoins which earn no interest or collateralize with more volatile assets like Bitcoin or Ethereum that could dramatically decline in value. The introduction of BUIDL allows for collateral that generates yield with significantly lower price risk.
BUIDL’s 4.5% Yield Enhances Capital Efficiency Amid Market Volatility
Currently offering an approximate annual yield of 4.5%, BUIDL provides traders an opportunity to earn returns while also alleviating margin requirements. Michael Sonnenshein, COO of Securitize, which collaborated with BlackRock to issue BUIDL on-chain, remarked, “This is a major turning point.” He emphasized that “tokenized securities are evolving from passive capital to programmable, productive assets.”
Launched in March 2024, BUIDL has already garnered $2.9 billion in assets. Its primary holders include notable entities such as Ondo Finance and Ethena Labs, two significant players in the realm of real-world assets (RWAs) and stablecoins, and it is now extending its influence within crypto trading environments.
Crypto.com, which boasts a user base of over 140 million, intends to use BUIDL as collateral across various services, including spot, margin, derivatives, and over-the-counter trading, in select jurisdictions.
Deribit, recognized as the leading crypto options exchange globally, will adopt BUIDL for futures, options trading, and its spot marketplace. To date, the majority of collateral on Deribit has been composed of Bitcoin.
Big news!@BlackRock’s tokenized U.S. Treasury fund, $BUIDL, issued via @Securitize, is now live on Deribit.
Trade it. Earn yield. Use it as collateral.
0% spot fees
Daily rewards on holdings
Use it as cross-collateral from 20 June
Learn more … pic.twitter.com/EtZZEtzGOS
— Deribit (@DeribitOfficial) June 18, 2025
Deribit CEO Luuk Strijers stated, “For us, it’s about choice and efficiency.” He noted that many of their clients are institutional investors who primarily hold cash instead of crypto and are hesitant to forgo yield to access leverage.
This development may have broader implications, especially as Coinbase is in the process of acquiring Deribit in a $2.9 billion transaction. Should this acquisition proceed, it could integrate BUIDL into Coinbase’s entire infrastructure, thereby amplifying the utilization of tokenized Treasurys across both U.S. markets and cryptocurrency trading platforms.
Tokenization Market Expected to Reach $16 Trillion by 2030
A recent report from the Global Financial Markets Association (GFMA) and the Boston Consulting Group predicts that the global market for tokenized illiquid assets could swell to $16 trillion by the year 2030. Even conservative estimates from Citigroup project that by 2030, between $4 trillion and $5 trillion in tokenized digital securities may be created.
Recognizing the immense potential, several major corporations are making strides in the tokenization sector. For instance, Goldman Sachs has announced plans to unveil three new tokenization products later this year, spurred by rising client interest.
A number of protocols have significantly contributed to this growth trend, particularly through increasing active user engagement. Platforms in the digital carbon markets, such as Toucan and KlimaDAO, along with the real estate tokenization protocol Propy, have witnessed remarkable expansions in user bases.
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