Institutional investors will be able to use the synthetic dollar USDe and gain new capabilities for transactions involving the tokenized BUIDL fund and other digital assets on BlackRock’s Aladdin platform.
BlackRock expanded support for Ethena Labs’ products. The partnership aims to advance digital dollar infrastructure and integrate tokenized financial assets into the workflows institutional investors already use. One of the key updates was the addition of support for the USDe stablecoin on Aladdin, BlackRock’s investment platform for portfolio management and risk analysis.
According to The Block, Ethena will establish a $100 million liquidity fund through the Securitize platform as part of the agreement. The initiative will increase liquidity for BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) and simplify settlement across digital assets.
The new framework allows BUIDL holders to:
- exchange BUIDL tokens for USDC, USDtb, and other supported stablecoins;
- convert supported stablecoins back into BUIDL tokens;
- execute exchange transactions even outside standard financial market trading hours.
BlackRock said the infrastructure makes tokenized Treasury funds easier to use while enabling near frictionless transfers between digital assets. Ethena believes broader institutional adoption of digital assets will depend on solutions integrated into existing financial systems.
BlackRock and Ethena have worked together since at least December 2024, when they launched the USDtb stablecoin. The asset is issued by Anchorage Digital and is backed primarily by assets held in the BUIDL fund.
In February, BUIDL tokens became available on the decentralized cryptocurrency exchange Uniswap. The listing expanded liquidity for BlackRock’s tokenized fund and made it more accessible to market participants.
