BlackRock's $2.5 Billion Tokenized Money Market Fund Listed as Collateral on Binance and Expanded to BNB Chain
BlackRock's $2.5 billion tokenized U.S. Treasury money market fund, BUIDL, which is tokenized by Securitize, has been accepted as collateral for institutional trading on Binance. The collateral is posted off-exchange with a custody partner instead of directly on Binance, enhancing compliance and flexibility for traders.
Additionally, a new share class of BUIDL is now available on the BNB Chain, expanding the tokenized fund's blockchain footprint and enabling interoperability with decentralized finance (DeFi) applications. Securitize is spearheading the expansion of the tokenized fund within the BNB Chain ecosystem.
BUIDL is currently the largest tokenized money market fund on public blockchains, holding about $2.5 billion of assets since March 2024 according to RWA.xyz.
These developments were announced in a Friday press release from Binance and BlackRock. Catherine Chen, Binance's head of VIP & Institutional, stated that institutional clients are seeking more high-yield stable assets to use as collateral. Robbie Mitchnick, BlackRock's global head of digital assets, remarked that the move helps bring traditional finance elements on-chain.
