BlackRock Targets the Idle Cash Piling Up on Crypto Exchanges

BlackRock Inc. is bringing its roughly $2.5 billion money market fund to cryptocurrency exchange operator OKX, with Standard Chartered Plc holding the underlying assets — the latest sign that Wall Street infrastructure and digital-asset markets are converging.

Under the arrangement, the tokens of the BlackRock USD Institutional Digital Liquidity Fund (ticker BUIDL) sit in regulated custody at Standard Chartered while showing up as available collateral on OKX, meaning traders can post it as margin while it keeps earning interest instead of sitting idle.