BlackRock wants cryptocurrency exchanges Binance, OKX and Deribit to use its BUIDL token as collateral for derivatives trades, according to Bloomberg, which cited anonymous sources.

The Wall Street giant is "pushing to have its money-market digital coin more widely used as collateral for crypto derivatives trades," the report read.

BUIDL is a large fund for real-world assets that had approximately $550 million in assets under management as of Oct. 15. It invests directly into U.S. Treasurys and repo agreements, which earn onchain token holders yield. As with stablecoins, the fund’s BUIDL tokens are designed to maintain a peg to the U.S. dollar. 

"FalconX and Hidden Road, two of the biggest crypto prime brokers, already allow the use of BUIDL as collateral among their clients, which include hedge funds," Bloomberg also reported. "On Thursday, custodian Komainu said clients eligible to invest in BUIDL will be able to trade via Hidden Road using the token as collateral."

BlackRock-backed Securitize issues BUIDL tokens on Ethereum on behalf of BlackRock. Last month, Ethena said it would launch a new stablecoin called UStb, backed by BUIDL.

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