Table of Contents
According to a Bloomberg report citing anonymous sources, BlackRock is encouraging major cryptocurrency exchanges—Binance, OKX, and Deribit—to adopt its BUIDL token as collateral for derivatives trading. The Wall Street giant is reportedly aiming to increase the use of its digital token as a trusted collateral option in crypto derivatives markets.
As of October 15, BUIDL, a fund backed by real assets, manages approximately $550 million. It primarily invests in U.S. Treasuries and repurchase agreements, generating returns for holders of the token on blockchain networks. Similar to stablecoins, BUIDL is designed to maintain a 1:1 peg with the U.S. dollar.
Bloomberg also mentioned that crypto prime brokers like FalconX and Hidden Road already allow clients, including hedge funds, to use BUIDL as collateral. Additionally, Komainu, a custodian firm, announced on Thursday that eligible clients would be able to trade using BUIDL as collateral through Hidden Road.
The BUIDL tokens are issued on the Ethereum blockchain through Securitize, a firm backed by BlackRock. Last month, Ethena announced plans to launch a new stablecoin, USTD, backed by BUIDL.
Read More…
- Top Coins to Buy on the SUI Network in 2024-2025
- Alpha Network (ALPHAOS): A Blockchain-Powered Future for AI
- Yescoin TGE Update: Snapshot Test Success and Special Gift 2024
- Why Analysts Predict Crypto Market to Hit $3 Trillion by Year End ?
- What is Grass Network and How To enhance your Grass Point 2024 ?