Securitize and Ethena launch $100M liquidity facility for BlackRock’s BUIDL

The facility addresses a key need for institutional holders of BUIDL, the BlackRock USD Institutional Digital Liquidity Fund, which is tokenized and can move at any hour. The new liquidity pool opens with $50 million in initial liquidity, split evenly between BUIDL and USDC, allowing for flows in both directions. A second $50 million tranche becomes available within an hour as the first batch is used, bringing total capacity to $100 million.

Securitize acts as the regulated transfer agent handling the operational side of the facility. This partnership builds on a history of collaboration between the two companies, which previously set up atomic swaps between BUIDL and USDtb, Ethena’s stablecoin, in 2025. The connection is strategic, as USDtb is primarily backed by BUIDL shares, creating a direct link between the fund's liquidity and the stablecoin's usability.

For institutional treasuries, the ability to access stablecoins outside traditional market hours is a practical benefit. Crypto markets can move sharply on a Saturday night, and a treasury desk holding BUIDL as collateral or for cash management may need stablecoins before Monday morning. This facility provides a defined exit and entry point at any hour, with a known size of liquidity available.

The facility is open to eligible investors, not the general public, reflecting BUIDL’s institutional focus. While the $100 million pool can absorb plenty of routine flow, it is not unlimited, and very large redemptions would still rely on the fund’s standard processes. The tight integration between BlackRock's fund, Securitize's transfer agent role, and Ethena's stablecoin means stress in one part of the chain would likely be felt in the others.

Strategic partnership with BlackRock

The launch is part of a broader strategic partnership formed in June 2026, which integrated Ethena’s digital products into Aladdin, BlackRock’s risk-management system. This system is used to manage institutional portfolios, linking the two companies' products at a deeper level. BlackRock launched BUIDL in March 2024, with a $1.00 net asset value per share, and it has since become one of the most visible examples of a traditional asset manager putting a product directly on public blockchain rails.

Securitize serves as the tokenization platform and transfer agent for BUIDL, managing over $4 billion in tokenized assets. The company trades on the NYSE under the ticker SECZ. The facility's existence underscores the growing importance of 24/7 liquidity for tokenized assets, as the gap between traditional market hours and blockchain trading times can carry real risk for institutional holders.