The cryptocurrency derivatives exchange Deribit and the spot exchange Crypto.com have now accepted BlackRock's tokenized U.S. Treasury fund as trading collateral for institutional and experienced clients.
According to Forbes, this move will allow institutional traders to use low-volatility, yield-bearing digital instruments as collateral for their accounts, thereby reducing margin requirements for leveraged trading.
One of the largest exchanges by global trading volume, Coinbase, announced a $2.9 billion deal to acquire Deribit in May 2025.
This transaction could expand the utility of BlackRock's institutional digital liquidity fund (BUIDL). According to RWA.XYZ, the fund holds nearly 40% of the tokenized Treasury market, with a locked value of approximately $2.9 billion.
Tokenized U.S. Treasury products are gradually becoming an alternative to traditional stablecoins due to their yield-bearing nature. The growth of these products reflects a broader integration of cryptocurrency with the traditional financial system.
In October 2024, BlackRock revealed plans to integrate BUIDL as collateral into cryptocurrency derivatives platforms and centralized cryptocurrency exchanges, including OKX and Binance.
In January 2025, the community of the decentralized finance (DeFi) protocol Frax Finance voted to increase support for BUIDL as collateral backing for the Frax-USD stablecoin (frxUSD).
Proponents of the integration believe that BUIDL is beneficial as it provides deeper liquidity, transfer options, and lower counterparty risk, since the collateral asset is created and supported by the world's largest asset management company, BlackRock, which manages approximately $11.5 trillion in assets.
Despite the positive outlook from the Frax Finance community and other digital asset platforms, industry executives and market participants remain concerned about the potential for centralization issues and structural financial risks.
Six companies, including BlackRock, Franklin Templeton, Ondo Finance, Superstate, Centrifuge, and Circle, account for over 88% of the tokenized U.S. Treasury market.
Currently, most of the on-chain U.S. Treasuries are tokenized on the Ethereum network, which continues to be the leading blockchain for real-world tokenized assets. Of the total $7.3 billion in tokenized government securities, Ethereum holds $5.7 billion.
Related: JPMorgan Meets with SEC to Discuss On-Chain Capital Market Issues
Original article: “Deribit and Crypto.com Integrate BlackRock's BUIDL as Trading Collateral”
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