Institutional trading of digital assets is already big business. Now, it’s set to get even bigger as Binance, the world’s largest cryptocurrency exchange, announced on Friday that it will now accept collateral in the form of a popular token issued by BlackRock. The token, known as BUIDL, trades at $1 and is backed by a reserve of Treasury bills and other safe, short-term assets.
The news of the Binance tie-up is significant because it will likely further increase the popularity of BUIDL, which the world’s largest asset manager launched last year. Since then, its market cap has grown to over $2.5 billion.
