BlackRock’s BUIDL Breaks Barriers: Now Live as Collateral on Crypto.com & Deribit

Wall Street meets DeFi—again. BlackRock’s tokenized fund BUIDL just got a major credibility boost, landing collateral status on two crypto heavyweights: Crypto.com and Deribit. Traders can now leverage the fund’s Treasury-backed tokens to margin up—or gamble harder, depending on who you ask.

Why it matters: Institutional-grade collateral is the holy grail for crypto’s wild west. BUIDL’s move onto prime-time platforms signals growing trust in tokenized real-world assets (RWAs)—even if purists still side-eye BlackRock’s creeping dominance.

The fine print: No new asset inflows reported (yet), but watch for dominoes. If this sticks, expect more TradFi giants to repackage old products as ‘innovation’—and charge you 2% for the privilege.

Bottom line: Crypto’s institutionalization is inevitable, ironic, and increasingly lucrative. Just don’t call it ‘disruption’ when the world’s largest asset manager is leading the charge.

Real-world assets tokenization platform Securitize has unveiled a major update regarding the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).

The platform said BUIDL is now accepted as collateral on Crypto.com and Deribit, two of the world’s leading exchanges.

Through this acceptance, BUIDL cements its role as a foundational building block in on-chain finance.

BlackRock Expands BUIDL to Crypto.com and Deribit

According to the announcement, BUIDL is the first tokenized US Treasury fund accepted as collateral across multiple leading exchanges.

The expansion of BUIDL to the Crypto.com exchange represents a forward-looking aspect of real-world asset tokenization.

As a collateral asset on these exchanges, BUIDL is transitioning from a yield-bearing token to a major component of crypto market infrastructure.

BlackRock began exploring new use cases for BUIDL in 2024. In October 2024, the asset manager discussed using the BUIDL token as collateral for crypto derivatives trades with top global crypto exchanges, including Binance, OKX, and Deribit.

These discussions have produced positive results thus far. As a result, Crypto.com now allows qualified institutional clients and advanced traders to post BUIDL as collateral.

Likewise, institutional clients on Deribit can start posting BUIDL as collateral for futures and options trading.

Users can also trade BUIDL on Deribit, further expanding the reach of BUIDL to the exchange’s global user base.

Deribit is the world’s largest crypto options exchange by volume, while Crypto.com is appealing to advanced and institutional users.

As a collateral asset, BUIDL creates more flexibility in capital allocation. It also allows users to benefit from the relative price stability of tokenized treasuries.

Tokenized treasuries are increasingly helpful in improving capital efficiency and risk management across trading venues.

The Growth of BUIDL In The Crypto Market

BUIDL is a tokenized fund designed to provide exposure to securities such as US Treasury bonds, cash, and repos.

By providing share classes across multiple blockchains, BUIDL can also support applications built on Decentralized Autonomous Organizations (DAOs).

Upon launching, users could only access BUIDL on the ethereum network. This pioneering Ethereum move is vital considering the reach of the network in the DeFi ecosystem.

However, BlackRock soon extended the fund to additional blockchains, including Optimism, Polygon, Arbitrum, Avalanche, and Aptos via the Wormhole bridge.

BlackRock initiated this expansion to provide flexibility and accessibility to more users.

BUIDL has recorded more milestones, with assets under management recently crossing $1 billion.

A Growing Institutional Interest in Asset Tokenization

The growth of BUIDL demonstrates that asset tokenization has transitioned from just a trend to a movement in the investment industry.

For the first time in 2024, the market value of tokenized treasuries grew from $719 million to $1.44 billion.

BUIDL, USDY, USTB, OUSG, and FOBXX are the key tokenized products from top institutional investors that contributed to this surge.

The concept of tokenization is fast gaining attention among top institutions.

In April 2025, financial leaders Standard Chartered and Brevan Howard announced plans to adopt tokenization in partnership with top OKX.

According to the agreement, Standard Chartered is an independent collateral custodian, enhancing capital efficiency and client protection.

Ripple Labs is another top firm supporting the tokenization industry. The blockchain platform recently made a bold prediction about the tokenization market.

Ripple predicted that the tokenized market will soar from a billion-dollar industry to tens of trillions in less than 10 years.

Notably, Ripple expects the tokenized asset market to rise 3,050% from its current value to $18.9 trillion by 2033.