With the addition of BUIDL, Binance supports multiple yield-bearing tokenized assets, including Circle’s USYC and OpenEden’s cUSDO.
BUIDL is BlackRock’s first onchain liquidity fund — a tokenized, interest-bearing USD vehicle issued through Securitize. BlackRock, the world’s largest asset manager, oversaw roughly $13.4 trillion in assets as of Q3 2025.
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The rise of tokenized treasuries
As tokenized money-market funds shift from simple yield products to mainstream trading collateral, Binance joins a growing group of exchanges allowing qualified clients to post Treasury-backed tokens to back their positions.
In July, Deribit and Crypto.com began accepting BUIDL as collateral, giving institutional traders a low-volatility, yield-bearing asset they can use in place of cash or stablecoins.
In September, Bybit followed with support for QCDT, a Dubai Financial Services Authority (DFSA)-approved tokenized money-market fund backed by US Treasurys.
The trend echoes traditional finance, where companies often pledge Treasurys and money-market funds as collateral through bank-run triparty systems rather than keeping assets on a trading venue.
Tokenized US Treasurys have become the second-largest real-world assets (RWA) beyond stablecoins, with a current market cap of $8.57 billion, according to RWA.xyz data.
Source: RWA.xyz
The funds are led by BlackRock’s BUIDL, with about $2.52 billion in total value, Circle’s USYC with $1.06 billion and Franklin Templeton’s BENJI, with $850 million.
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