BUIDL becomes the first tokenized US Treasury fund accepted as collateral

BlackRock’s BUIDL, the asset manager’s first money market fund, is set to become accepted as collateral on Crypto.com and Deribit. These platforms’ institutional and experienced traders can post a yield-bearing, blockchain-native version of US treasuries to back trades.

Carlos Domingo, Co-Founder and CEO of Securitize, a tokenization specialist in partnership with BlackRock’s BUIDL said, “With BUIDL now accepted as collateral on Crypto.com and Deribit, the fund is evolving from a yield-bearing token into a core component of crypto market infrastructure.”

He added,  “Tokenized Treasuries are being actively used to improve capital efficiency and risk management across some of the industry’s most sophisticated trading venues, while still offering yield.”

BUIDL breaks new ground on https://t.co/XcJRSaEYdz and Deribit 💥

The @BlackRock USD Institutional Digital Liquidity Fund, BUIDL, issued via Securitize, is now accepted as collateral on @cryptocom and @DeribitOfficial, two of the world’s top crypto exchanges.

This marks a major… pic.twitter.com/PXqXzU4JoR

— Securitize (@Securitize) June 18, 2025

According to Securitize, Real-world assets are no longer adjacent to crypto. They’re embedded within it. With this move, BUIDL becomes the first tokenized US Treasury fund accepted as collateral across multiple top exchanges.

Deribit and Crypto.com freedom to lower the minimum collateral requirements for BUIDL 

In crypto, collateral is very important. When traders use leveraged bets, this is the security deposit that makes sure they can cover their losses if things don’t go as planned. However, until now, there were only two choices: be stable but do nothing, or be active but hard to predict. This move has provided another option.

On the other hand, exchanges can lower the minimum collateral requirements for BUIDL because it is less volatile and makes money. It currently pays around 4.5% yearly. This means that traders can use their extra capital in other ways.

Crypto.com’s President and COO, Eric Anziani, said that the company will allow institutional customers in certain countries to use BUIDL as collateral for all of its services, such as spot, margin, derivatives, and over-the-counter (OTC) trading.

Eric Anziani said, “Providing advanced and institutional traders the best possible trading experience is our continuous goal with the Crypto.com Exchange […] BUIDL is a leading tokenized fund, and we’re excited to give our users the ability to unlock more trading opportunities by using it as collateral.”

Deribit, on the other hand, will let institutional clients use BUIDL as collateral for futures and options trades, and it will also offer it on its spot market. Most of the security on Deribit has been in Bitcoin in the past.

Luuk Strijers, CEO of the exchange, said, “In the end, it boils down to choice and efficiency […] 80-85% of our business is institutional, and we are getting more of these traditional firms that don’t necessarily hold a lot of crypto but hold a lot of dollars and don’t want to miss out on yield.”

Coinbase plans to buy Deribit in the near future

The integration could also speed up the adoption process across the whole business. A deal for $2.9 billion is being made for Coinbase to buy Deribit. 

This means that soon, BUIDL might be accessible across Coinbase’s larger environment. This would add tokenized treasuries to the crypto trading stack even more deeply.

BUIDL has grown to have assets worth $2.9 billion since it began in March 2024. Ondo Finance, which tokenizes real-world assets, and Ethena Labs, which made the USDtb stablecoin, are two of the biggest holders of it.

Ethena Labs launched the USDtb Liquidity Fund so buyers could trade BUIDL for the stablecoin USDtb. USDtb integration has opened up new ways for BUIDL holders to get stable liquidity, keep their on-chain yield exposure, and use a wider range of DeFi strategies to make tokenized securities more useful.

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