BlackRock, Standard Chartered and crypto‑exchange OKX have launched a new collateral framework that allows institutional clients to post BlackRock’s tokenised short‑term U.S. Treasury fund, BUIDL, as regulated collateral on OKX’s trading platform. The framework, unveiled on 28 April 2026, is the first globally systemically important bank‑backed off‑exchange tokenised collateral system and expands the use of BUIDL beyond traditional banking into the growing crypto‑decentralised finance ecosystem.
BUIDL, which was launched in March 2024 and tokenised by Securitize, invests in cash, U.S. Treasury bills and repurchase agreements and distributes yield on‑chain. As of 18 April 2025, the fund had $2.47 B in assets under management, representing 42 % of the tokenised Treasury market and a 92 % month‑over‑month growth. The fund has already been integrated as collateral on DeFi platforms Aave V4 and Sky, and the new OKX framework is expected to drive additional inflows and create a new fee‑generating channel for BlackRock.
The framework operates under the Dubai Virtual Asset Regulatory Authority’s (VARA) regulatory framework, with Standard Chartered acting as custodian in the Dubai International Financial Centre (DIFC). Standard Chartered’s role provides regulated custody and segregation of assets, giving institutional clients confidence that their collateral is protected and compliant with local regulations.
From a business perspective, the partnership unlocks several benefits. It turns idle margin into a yield‑generating asset, improving capital efficiency for institutional traders. The new collateral option enhances BlackRock’s market visibility and reinforces its strategy of integrating technology and alternative asset classes. For OKX, the addition of a regulated, yield‑bearing collateral product strengthens its appeal to institutional clients and positions it competitively against other exchanges that have begun offering tokenised Treasury products.
The broader real‑world asset market has grown to roughly $30 B, up about 400 % since the start of the previous year, indicating strong tailwinds for tokenised assets. Potential headwinds include regulatory uncertainty in other jurisdictions, but the Dubai VARA framework provides a clear regulatory path for this partnership.
"BUIDL was designed to bring the benefits of tokenization to short‑term treasury exposure, allowing qualified investors to earn US dollar yields on blockchain rail," said Samara Cohen, Global Head of Market Development at BlackRock. "The framework with OKX and Standard Chartered allows qualified investors to unlock new opportunities in how they deploy collateral," she added. "This collaboration highlights the potential of tokenizing real‑world assets (RWA) at scale. By enabling institutions to deploy BUIDL as on‑chain collateral on OKX's global platform, we improve capital efficiency while demonstrating how traditional financial instruments can operate seamlessly in digital markets. Tokenisation is about making existing markets faster, more transparent, and more accessible," said Haider Rafique, Global Managing Partner at OKX. "This product was designed to minimize risk rather than add the layers of risk. It becomes more efficient collateral and productive collateral," said Rifad Mahasneh, CEO of OKX Middle East, North Africa and Commonwealth of Independent States. "Our role as custodian in this initiative reflects our commitment to delivering trusted and innovative solutions for clients as the financial ecosystem evolves," said Margaret Harwood‑Jones, Global Head of Financing and Securities Services at Standard Chartered.
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