Bloomberg, citing informed sources, reported that the well-known financial giant BlackRock is in talks with cryptocurrency exchanges Binance, OKX, and Deribit to promote the use of its BUIDL token as collateral for derivative trading on these exchanges.
BUIDL is a real-world asset (RWA) fund supported by BlackRock. As of October 15th, the fund managed assets worth approximately $550 million. The fund directly invests in US Treasury bonds and repurchase agreements, earning passive income for token holders on the blockchain. Similar to stablecoins, the BUIDL token aims to be pegged to the US dollar.
On the other hand, Bloomberg also mentioned in the report, “FalconX and Hidden Road, the two largest cryptocurrency prime brokers, have allowed their hedge funds and other clients to use BUIDL as collateral.” Additionally, “On Thursday, custodian company Komainu also stated that qualified investors in BUIDL will be able to trade using the token as collateral through Hidden Road.”
The BUIDL token is issued on Ethereum by Securitize, an asset tokenization company supported by BlackRock. Last month, Ethena announced the launch of a new stablecoin called UStb, which will be backed by BUIDL.
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