Crypto.com and Deribit said they will now accept BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) tokens as collateral on their trading platforms, marking one of the first times a tokenized money-market fund can be posted against crypto positions. BUIDL is a $2.9 billion tokenized U.S. Treasury money-market fund issued on the Ethereum blockchain through tokenization specialist Securitize. The move initially applies to institutional and other professional traders in select jurisdictions, according to the exchanges. The decision underscores the rapid uptake of real-world asset tokenization in digital markets. BlackRock Chief Executive Officer Larry Fink has said “every stock, every bond, every fund—every asset—can be tokenized,” and the latest integration suggests growing confidence that traditional assets can improve capital efficiency in crypto trading.