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.