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

BlackRock’s $2.5 Billion Institutional Digital Liquidity (BUIDL) Fund Expands to Binance and The BNB chainSecuritize said in a press release issued Thursday.

The Miami-based Securitize, which is planning a public offering, said that BUIDL will be accepted as collateral for trades at the world’s cryptocurrency exchange, describing the asset backed by US Treasuries as a tool for institutional traders.

BlackRock’s BUIDL fund debuted last March, and the tokenized The money market fund has since expanded to eight blockchains, now including the Binance-backed network that dates back to 2019.

“We continue to bring regulated assets into the real world on-chain while unlocking new forms of utility that were previously out of reach,” co-founder and CEO Carlos Domingo said in a statement.

BlackRock’s BUIDL fund, which has about 93 holders, offers performance. In the past week, that averaged 3.7% on an annual basis, according to the crypto data provider RWA.XYZ.

Binance’s institutional clients have asked the exchange for more assets of interest that maintain a stable price, Catherine Chen, head of VIP and institutional at Binance, said in a statement.

Chen added that BUIDL has been integrated into Ceffu, a Binance custody service, which has drawn scrutiny from the US Securities and Exchange Commission in 2023 over its ability to potentially control assets that belonged to Binance’s US subsidiary.

Binance co-founder Changpeng Zhao, who pleaded guilty to violating US anti-money laundering laws in 2020, was pardoned by President Trump in October. The move beckoned thrust among the Democratic lawmakers of the United States. However, BlackRock’s BUIDL fund represents the latest sign of how Wall Street firms are embracing exchange-traded services and products.

This year, brokerage Robinhood, as well as crypto exchanges Coinbase and Kraken, they listed BNB, the fifth largest cryptocurrency by market capitalization, according to the crypto data provider CoinGecko.

The coin has changed hands about $924 on Friday, representing a fall of 3.4% in the previous day. The asset reached a maximum of $1,370 last month, while it has grown by 48% over the past year, but has fallen in recent weeks alongside. Bitcoin and most of the market.