Two major platforms in the crypto sector, Crypto.com and Deribit, now accept an asset that symbolizes the convergence between Wall Street and DeFi: BUIDL, a tokenized fund backed by US Treasury bonds issued by BlackRock. The amount at stake? $2.9 billion. A colossal volume, not just symbolic: these tokens can now serve as collateral for leveraged trades, while generating a return.
On the same day, Securitize announced a partnership with Ethena to make BUIDL fully liquid on the blockchain, 24/7.
A dual use that changes the game: for institutional traders, it means more mobilizable capital without sacrificing returns. For platforms, it’s a step towards more security, liquidity, and legitimacy. And for the market, it’s a clear signal: real-world assets (RWA) are being absorbed into the on-chain ecosystem.
BUIDL de BlackRock devient un collatéral sur Crypto.com et Deribit
The market for tokenized Treasury bonds continues to soar. In one year, its market cap has exploded by 400%, surpassing $7 billion according to rwa.xyz. And BlackRock is leading the way: with its $2.9 billion, the BUIDL fund now represents the largest share of this rapidly expanding market.
This fund is based on a basket of liquid assets: cash and short-term Treasuries. In other words, an ultra-secure asset, now made programmable and interoperable through tokenization. It’s no longer just a yield instrument: BUIDL becomes a building block for crypto markets.
Gagner sur deux tableaux : rendement et levier
One of the strengths of this integration is its economic logic: BUIDL tokens allow institutional investors to generate passive income, while acting as margin for leveraged positions. Up until now, these functions were separate: either immobilizing capital for yield, or exposing it for trading. With products like BUIDL, both coexist.
And this is just the beginning. As Carlos Domingo, CEO of Securitize, points out:
“The BUIDL fund goes from a simple yield token to a fundamental element of the crypto infrastructure.”
Le mot-clé : efficience
This movement is not trivial. It’s a strategic turning point. Traders, exchanges, and institutions want performance, but also stability. And what’s more stable, and liquid, than US Treasuries? By making them usable on-chain, the industry takes a leap towards a hybrid, more efficient finance, halfway between DeFi and TradFi.
BUIDL is not alone, but it leads the way. And if the trend continues, it could become the reference model for a whole generation of tokenized assets.
