BlackRock sees tokenized money market fund shares as potential collateral in traditional financial markets, building on existing use in digital-asset trading. Dan Maley, BlackRock’s head of cash management for Asia Pacific, said the firm’s tokenized funds are already used as collateral in digital-asset markets, while broader use in conventional finance is more complicated. BlackRock’s BUIDL fund has an operating example: Binance accepts it as off-exchange collateral for eligible institutional traders under an arrangement announced by Securitize in November 2025. BUIDL, launched in 2024, has grown to about $2.3 billion in assets under management, according to the existing topic record. BlackRock’s August 2026 European rollout introduced tokenized share classes across money market fund ranges with combined assets under management of $311 billion; that figure does not represent the value of shares tokenized. The rollout uses JPMorgan’s Kinexys platform, while the official shareholder register remains with the transfer agent. Ondo introduced three portfolios based on BlackRock investment strategies in September 2026. An earlier account described seven portfolios, a discrepancy that remains unresolved. Conventional-market use will require institutions to establish collateral eligibility, custody and clearing arrangements; the October 19 Bloomberg report identified no new traditional clearinghouse agreement.