- BlackRock and Ethena expand Aladdin access to USDe as institutions explore blockchain-based financial products.
- The partnership adds a $100 million liquidity facility, connecting BUIDL investors with digital dollar assets.
- Tokenized Treasuries gain momentum as BlackRock and Ethena strengthen institutional blockchain adoption efforts.
BlackRock and Ethena Labs are expanding their partnership to give institutional investors easier access to Ethena’s digital dollar products through BlackRock’s Aladdin investment platform. The move also deepens the use of BlackRock’s tokenized Treasury fund, BUIDL, as both companies push to bring more traditional financial assets onto blockchain networks.
Ethena announced the integration on X, saying USDe will be available through Aladdin, the portfolio management platform used by financial institutions overseeing more than $20 trillion in assets. The partnership also introduces a new liquidity facility through Securitize.
According to Ethena, institutions using Aladdin will be able to access USDe through their existing investment systems, while BUIDL will serve as the primary asset backing Ethena’s white-label product.
New Liquidity System Targets Institutional Adoption
Ethena will provide a $100 million liquidity facility through Securitize, the regulated transfer agent for BlackRock’s BUIDL fund. The facility will allow eligible BUIDL investors to exchange their tokens for USDC, USDtb and other supported stablecoins and convert those stablecoins back into BUIDL outside normal market hours.
“In the case of tokenized treasury funds in particular, this liquidity facility enables a level of frictionless interoperability that is core to the unique utility that tokenizing treasury funds makes possible,” BlackRock’s Global Head of Digital Assets Robert Mitchnick said.
“The next phase of digital asset adoption will be driven by infrastructure that allows traditional institutions to interact with onchain financial products through familiar systems and workflows,” Ethena founder Guy Young said.
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Partnership Builds on Earlier Tokenization Efforts
The agreement builds on an existing partnership between BlackRock and Ethena centered on USDtb, Ethena’s stablecoin backed primarily by BlackRock’s BUIDL fund and issued by Anchorage Digital Bank. Ethena and Securitize had already introduced round-the-clock transfers between BUIDL and USDtb, allowing investors to move between the two assets at any time.
Unlike widely used stablecoins such as USDC and USDT, USDe uses a synthetic dollar model designed to generate additional yield. BUIDL, which launched on Ethereum in 2024, has grown into one of the largest tokenized U.S. Treasury funds, with about $3 billion in total value locked, according to DeFiLlama.
The partnership also comes as major financial firms expand their tokenization efforts. BlackRock recently extended BUIDL’s reach through Uniswap, while Apollo Global Management partnered with Morpho to bring private credit onchain.
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