Airdrop Army

BlackRock’s latest crypto move is all about BUIDL. The financial titan is urging exchanges like Binance, OKX, and Deribit to use its BUIDL token as collateral for crypto derivatives. This ain’t just some small request either. According to insider whispers, BlackRock is pushing to cement its digital coin’s presence in a space known for its volatility but filled with high-stakes moves.

The BUIDL token, which might seem like another stablecoin at first glance, actually ties itself to real-world assets. We’re talking direct investments into U.S. Treasurys and repo agreements. As of mid-October, this fund managed around $550 million, making sure onchain token holders rake in some yield. Its peg to the U.S. dollar keeps things steady, yet different from your usual DeFi assets.

Hedge Funds Already in the Mix

But here’s the kicker: big players are already using BUIDL as collateral. Crypto prime brokers FalconX and Hidden Road, who deal with hedge funds, have opened the door for their clients to use BUIDL. So, BlackRock isn’t just dreaming big—it’s already moving pieces on the chessboard.

Not stopping there, Komainu, a custodian for digital assets, dropped the news on Thursday that its clients, eligible to invest in BUIDL, will soon be able to trade using Hidden Road. This will allow them to use BUIDL as collateral for those trades. It’s a domino effect, with major institutions linking up for this token play.

Securitize, Ethereum, and Ethena

And who’s pulling the strings behind the scenes? Securitize, backed by none other than BlackRock, issues the BUIDL token directly on Ethereum. So, the usual blockchain suspects are involved, but it’s the traditional finance fingerprints all over it that make this stand out.

Last month, the crypto upstart Ethena also jumped in, revealing plans to launch a new stablecoin called UStb. Guess what? It’s backed by—you guessed it—BUIDL. So, as BUIDL tightens its grip across the board, BlackRock’s grand strategy to reshape the crypto landscape becomes even clearer.