Crypto derivatives exchange Deribit and spot exchange Crypto.com are accepting BlackRock's tokenized US Treasury fund as trading collateral for institutional and experienced clients.

The move will allow institutional traders to use a low-volatility, yield-bearing digital instrument as collateral for their accounts, lowering the margin requirements for leveraged trading, according to Forbes.

Coinbase, one of the world’s biggest exchanges by trading volume, announced a $2.9 billion deal to acquire Deribit in May 2025.

The deal can expand the utility of BlackRock's Institutional Digital Liquidity Fund (BUIDL). The fund holds nearly 40% of the tokenized Treasurys market share, or roughly $2.9 billion in value locked, according to data from RWA.XYZ.

Tokenized US Treasury products are slowly emerging as an alternative to traditional stablecoins, thanks to their yield-bearing properties. The growth of these products reflects the broader merger of cryptocurrencies with the legacy financial system.