This $2.5 Billion BlackRock Fund Is Coming to Binance and BNB Chain

BlackRock's $2.5 billion USD Institutional Digital Liquidity Fund (BUIDL) is expanding its reach to Binance and BNB Chain, as reported by Securitize. The fund will now be accepted as collateral for trades at Binance, designed for institutional traders and backed by U.S. Treasuries. Launched in March, the BUIDL fund now operates on eight blockchains including Binance's. It provides a yield, which over the past week averaged 3.7% annually. Binance's institutional clients have been requesting more stable, interest-bearing assets. Additionally, the BUIDL fund was integrated into Ceffu, a Binance-owned custody service. Securitize is planning to go public through a SPAC deal valued at $1.25 billion, which will allow it to also issue digital shares on a blockchain. This move by BlackRock's fund showcases the growing convergence between traditional finance and the cryptocurrency space, enhancing the utility of crypto assets.

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