Crypto.com and Deribit recently announced they will accept BlackRock’s USD Institutional Digital Fund (BUIDL)—a tokenized money market fund backed by US Treasuries—as collateral. This marks a major shift, allowing users to post a stable , yield-bearing asset instead of traditional stablecoins or volatile crypto. Key Points: Dual Benefits: BUIDL offers stability backed by government debt and an attractive ~4.5% annual yield—higher than many bank savings rates—while reducing collateral risk. Institutional Appeal: Exchanges can lower collateral requirements due to BUIDL’s stability. Institutions holding dollars—not crypto—can now earn yield without giving up capital. Deribit's CEO notes around 80–85% of their business is institutional. RWA Momentum: The real-world asset tokenization space has nearly hit $24 billion on-chain, growing over 50% in 2025. BUIDL holds about 12% of this market, with Ethereum as the dominant platform (≈60%). This step signals a broader shift toward tokenized real-world assets rivaling stablecoins, offering "programmable productive capital" instead of just passive stores of value. BUIDL, launched in March 2024, has amassed $2.9 billion in assets under management and continues to gain traction. Ultimately, using BUIDL as collateral lets traders free up funds for active use while earning yield, a significant upgrade from the conventional collateral options.