“The $2.5 billion BUIDL fund, tokenized by Securitize, deepens its utility for institutional traders and expands to a new blockchain.”, — write: www.coindesk.com
Using BUIDL as off-exchange collateral means traders can post the token with a custody partner, rather than directly on the exchange, as collateral while still trading on Binance. The move gives institutional traders more flexibility to use yield-generating assets while staying within compliance frameworks, the firms said.
“Our institutional clients have asked for more interest-bearing stable assets they can hold as collateral while actively trading on our exchange,” Catherine Chen, head of VIP & Institutional at Binance, said in the statement.
Securitize is also expanding the tokenized fund to the BNB Chain BNB$918.06allowing investors to use the asset within the ecosystem’s decentralized finance (DeFi) applications, increasing its interoperability.
The moves come as tokenized real-world assets (RWA) such as funds, bonds, and credit are increasingly becoming part of the crypto economy. Tokenized US Treasuries allow investors to park idle cash on blockchains to earn a yield. They are increasingly used as a reserve asset for decentralized finance (DeFi) protocols or collateral in trading and asset management.
“By enabling BUIDL to operate as collateral across leading digital market infrastructure, we’re helping bring foundational elements of traditional finance into the onchain finance arena,” Robbie Mitchnick, BlackRock’s global head of digital assets, said in a statement.
BUIDL, which pays out a yield to token holders from the underlying US Treasury holdings, is the largest tokenized money market fund on public blockchains. It has gathered $2.5 billion of assets since its March 2024, RWA.xyz data shows.
Read more: Tokenization Firm Securitize Aims for Public Listing Via SPAC Deal at $1.25B Valuation
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Tsang has replaced Jonathan Bates, who led the former bitcoin mining firm from its early days through its pivot to an Ethereum treasury strategy.
- Chi Tsang replaced Jonathan Bates as CEO of BitMine, the largest Ethereum treasury holder.
- The firm also appointed three new board members with traditional finance, asset management and legal sectors background.
- Led by Chairman Tom Lee, BitMine accumulated 3.5 million ETH since its July pivot to a digital asset treasury strategy.
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