BlackRock's BUIDL tokenised Treasury fund has been accepted as collateral at Crypto.com and Deribit, marking a significant expansion in the practical utility of tokenised Treasuries beyond simple yield-bearing storage.
At Crypto.com, qualified institutional clients and advanced traders can use BUIDL as collateral for trading activity. At Deribit, institutional clients can post BUIDL against futures and options positions, with Deribit also enabling direct trading in BUIDL. Ethena's USDtb Liquidity Fund has additionally linked its liquidity to BUIDL, extending the fund's role into stablecoin infrastructure.
The development matters because it demonstrates tokenised Treasuries moving from a product category — a fund that pays yield — to market infrastructure — a collateral asset that institutional participants can use actively in their trading and risk management operations. This is the step that makes tokenised Treasuries genuinely useful to a broader institutional audience rather than simply an alternative to conventional money market funds.
Securitize, which tokenises BUIDL and manages its distribution, reported more than $4 billion in assets under management across its platform as of May 14, 2025 — providing context for the scale of institutional on-chain asset management that BUIDL sits within.
The combination of Crypto.com, Deribit, and Ethena as named counterparties signals that BUIDL's collateral utility is being tested across different institutional market structures simultaneously — centralised exchange collateral, derivatives margin, and stablecoin backing — rather than in a single use case.