BlackRock is reportedly discussing with Binance as well as several other crypto exchanges about $BUIDL's utilization as collateral.
BlackRock is reportedly in talks with Binance and several other cryptocurrency exchanges regarding the use of its $BUIDL token as collateral for futures contracts.
BlackRock, the world's largest asset manager, and its partner Securitize launched the $BUIDL token in March as the initial offering in a tokenized fund. The token has since seen rapid adoption, with Ethena announcing the launch of a dedicated stablecoin that will be backed by BlackRock's native token. These developments also highlight the platform's continued efforts to expand its presence in the derivatives market.
The platform has been steadily increasing its presence in the crypto market this year, following the successful launch of its spot BTC ETFs. While BlackRock is reportedly in talks with multiple crypto exchanges, Hidden Road and FalconX already accept the $BUIDL token as collateral, marking the platform's early success within the market.
Currently, BlackRock and its broker-dealer partner, Securitize, are working with OKX and Deribit to enable the use of the $BUIDL coin in the futures market.
$BUIDL has reportedly seen a significant response since its launch, capturing up to 30% of the total tokenized treasury market in just 6 weeks. Its $1.3 billion market dominance has placed BlackRock among major players like Franklin Templeton, indicating rapid adoption and high investor confidence in the token.
The initiative aims to enhance liquidity and encourage participation in the derivatives market. Backed by U.S. Treasury bills, cash, and repo agreements, $BUIDL powers BlackRock's USD Institutional Digital Liquidity Fund, which aims to increase liquidity and provide more avenues for investors to enter the nascent crypto derivatives market.
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