BlackRock and Ethena announced an expanded partnership on June 30, delivering three key developments in a single day: USDe's integration into BlackRock's Aladdin platform, BUIDL's designation as the primary reserve asset for Ethena's whitelabel stablecoin product, and the launch of a $100 million liquidity facility through Securitize. According to Ethena, the move grants institutional users on Aladdin access to USDe-related infrastructure, while eligible BUIDL holders gain new stablecoin conversion options via the liquidity facility.
USDe Lands on Aladdin: A Gateway to $20 Trillion in Managed Assets
Ethena confirmed that USDe has been approved as a digital asset on Aladdin, BlackRock's portfolio and risk-management platform. Financial institutions collectively use Aladdin to oversee more than $20 trillion in assets. As a result, institutional clients can now monitor and transact with USDe directly within their existing workflows, effectively bridging Ethena's synthetic dollar into traditional finance infrastructure.
USDe currently has a circulating supply of approximately $4.45 billion. Unlike conventional stablecoins, it employs a delta-neutral model that combines spot crypto holdings with short futures positions to maintain its peg.
BUIDL Elevated to Primary Reserve Status
Alongside the Aladdin integration, BlackRock's BUIDL fund will serve as the primary reserve asset for all stablecoins built via Ethena's whitelabel service. This means future stablecoin issuers using Ethena's infrastructure can directly back their tokens with BUIDL. The announcement builds on an existing relationship: Ethena's USDtb stablecoin, launched in December 2024, already holds the majority of its reserves in BUIDL.
Data shows BUIDL manages roughly $3 billion in tokenized U.S. Treasury bills, cash, and repurchase agreements, making it one of the largest tokenized Treasury products on-chain.
$100M Liquidity Facility Opens Around-the-Clock Conversions
The agreement also introduces a $100 million liquidity facility operated by Securitize. Eligible BUIDL holders can convert their holdings into USDC, USDtb, and other supported stablecoins — and crucially, can reverse those transactions outside normal market hours. BlackRock stated that the facility increases the utility of tokenized Treasury funds, while Ethena noted it simplifies access to on-chain markets for institutional participants.
This latest expansion extends earlier work between the firms. Previously, Ethena and Securitize enabled 24/7 conversions between BUIDL and USDtb, creating additional liquidity pathways for institutional players.