Major crypto exchanges Crypto.com and Deribit have started accepting BlackRock's tokenized market fund, BUIDL, as collateral. This marks a significant shift in collateral options for crypto investors, as BUIDL is BlackRock's first Ethereum-based tokenized money market fund backed by US Treasuries. The fund offers a stable, yield-generating alternative, paying around 4.5% annually, which surpasses returns from most high street banks. The BUIDL fund, which has grown to $2.9 billion in assets since its launch in March 2024, allows exchanges to offer lower minimum collateral requirements and enables investors to earn yield on their collateral. Deribit, now owned by Coinbase, will accept BUIDL for futures and options trading, while Crypto.com will provide it to institutional clients across all trading services.