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Breaking News: New Pro-Crypto Plan Unveiled By SEC And CFTC: Could Traditional Markets Go 24/7?

BlackRock Seeks To Push BUIDL As Derivative Collateral In Crypto Market – Details

Semilore Faleti
by Semilore Faleti
10 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The world’s largest asset manager, BlackRock, aims to expand its foray in the digital asset industry following the successful launch of spot Bitcoin and Ethereum ETFs in 2024. In a new venture, the American asset manager is attempting to push the adoption of its money-market token BUIDL as a collateral asset in the crypto derivative market.

Related Reading: BlackRock CEO Fink Unleashes Bitcoin Bombshell In Q3 Earnings Call

BlackRock’s BUIDL To Serve As Derivative Collateral: Report

According to a Friday report by Bloomberg, BlackRock has begun marketing BUIDL as collateral in the crypto derivative market. For context, BUIDL – which stands for BlackRock USD Institutional Digital Liquidity Fund – is a tokenized fund issued on the Ethereum blockchain offering institutional investors access to achieving US dollar yields.

Similar to stablecoins, BUIDL is pegged to a stable value of $1 per unit and invests in assets such as US dollars, US treasury bills, and repurchase agreements. Following its launch in March, BUIDL has experienced remarkable growth amassing $550 million in AUM to become the largest tokenized fund in the market. 

In order to facilitate further growth of BUIDL, Bloomberg states that BlackRock in conjunction with its broker Securitize has begun discussions with major exchanges such as Binance, OKX, and Deribit to introduce the money-market token as a collateral asset for derivative trading on their respective platforms. 

BlackRock will aim to charge traders a management fee of 0.5% in line with its current standard policy. However, the use of BUIDL is only restricted to eligible institutional investors with a minimum investment quota of $5 million.

Currently, crypto prime brokers such as FalconX and Hidden Road have already authorized their customers to use BUIDL as a collateral asset for trading. However, a potential entry into the derivatives market of powerhouse exchanges such as Binance and OKX presents a significant opportunity to exponentially increase the market influence of the tokenized find.

Related Reading: USDT Popularity Soars As Tether Adds Over 36 Million Users in Q3 2024

BlackRock To Challenge USDT Dominance In Derivative Trading 

In launching BUIDL in the crypto derivative trading, BlackRock will experience powerful opposition from Tether’s USDT which ranks as the most common asset for collateral in the crypto derivative market. USDT is the world’s largest stablecoin and third-largest cryptocurrency with a market cap of $120 billion. 

At present, there are no confirmative comments from BlackRock or the mentioned crypto exchanges on any planned introduction of BUIDL in crypto derivative trading. However, the successful execution of this initiative would represent another outstanding milestone in the investment firm’s digital asset campaign.

BlackRock already presents the largest spot Bitcoin and Ethereum ETFs with respective net assets of $25.79 billion and $1.26 billion according to data from SoSoValue. By securing a collateral asset in the crypto derivative market, which produced nearly three-quarters of crypto trading volume in September, BlackRock could expand its reach in the digital asset industry.

BlackRock
Total crypto market cap valued at $2.293 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from Investopedia, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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