BlackRock’s BUIDL Fund Becomes Margin Collateral on Deribit and Crypto.com

Institutional traders on Deribit and Crypto.com can now post BlackRock’s tokenized U.S. Treasury fund, BUIDL, as margin—an industry first for a low-volatility, yield-bearing digital security.

The upgrade, still pending CFTC sign-off, lets hedge funds and other pros reduce cash demands when running leveraged strategies.

Why it matters

• BUIDL already rules the niche. The fund controls roughly 40 % of the $7.3 billion tokenized-Treasury market, holding about $2.9 billion in on-chain T-bills.
• TradFi meets crypto rails. Tokenized Treasuries offer the yield stablecoins lack, deepening the overlap between conventional finance and digital assets.
• Coinbase connection. The news lands weeks after Coinbase agreed to buy Deribit for $2.9 billion, a deal expected to funnel more institutions into on-chain fixed-income products.

Growing but concentrated market

Six issuers—BlackRock, Franklin Templeton, Ondo, Superstate, Centrifuge and Circle—account for nearly 90 % of tokenized U.S. debt, sparking centralization worries. Ethereum hosts the lion’s share, with $5.7 billion of the total.

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Next in line

OKX, Binance and DeFi protocol Frax have already moved to recognize BUIDL as collateral. Supporters cite better liquidity and lower counter-party risk thanks to BlackRock’s $11 trillion balance sheet. Skeptics counter that staking the market on so few issuers adds systemic exposure in a supposedly decentralized ecosystem.

For now, the experiment edges tokenized government debt closer to mainstream trading desks—another sign that real-world assets are becoming crypto’s fastest-growing frontier.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.