BlackRock’s Aladdin Adds Support for Ethena’s USDe to Broaden Institutional Access
Summary
- BlackRock said Ethena’s synthetic dollar stablecoin USDe will be registered as an approved digital asset on Aladdin, improving access for institutional investors.
- Ethena said it will provide a $100 million liquidity facility through Securitize to improve liquidity for BlackRock’s tokenized Treasury fund BUIDL.
- The companies said the structure will allow eligible BUIDL clients to exchange BUIDL tokens for supported stablecoins including USDC and USDtb, and convert them back into BUIDL.
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BlackRock’s Aladdin platform is expanding support for Ethena’s stablecoin products, broadening access for institutional investors.
BlackRock and Ethena Labs are expanding their partnership to make Ethena products more accessible to institutional investors using Aladdin, crypto media outlet The Block reported on June 29.
As part of the partnership, Ethena’s synthetic dollar stablecoin USDe will be registered as an approved digital asset on BlackRock’s Aladdin. The platform is used by institutional investors to track portfolios and analyze and manage risk.
The companies said the move is aimed at expanding institutional adoption of digital-dollar infrastructure and improving interoperability between digital dollars and tokenized financial assets.
Ethena will also provide a $100 million liquidity facility through tokenization platform Securitize to improve liquidity for BUIDL, BlackRock’s tokenized Treasury fund. Securitize acts as BUIDL’s regulated transfer agent.
BUIDL, or the BlackRock USD Institutional Digital Liquidity Fund, is a tokenized product that holds traditional financial assets such as U.S. Treasuries on blockchain rails.
For tokenized Treasury funds in particular, the liquidity facility provides the frictionless interoperability that makes fund tokenization useful, Robert Mitchnick, BlackRock’s head of digital assets, said.
Under the structure, eligible BUIDL clients will be able to exchange BUIDL tokens for USDC, USDtb and other supported stablecoins. They will also be able to convert those stablecoins back into BUIDL outside regular market hours.
Ethena founder Guy Young said the next phase of digital-asset adoption will be driven by infrastructure that allows traditional institutions to interact with on-chain financial products through familiar systems and workflows.
USDe differs from traditional stablecoins such as USDC and USDT, which are directly backed by fiat-denominated liquid assets. Ethena designed USDe as a synthetic dollar and markets it as a structure capable of generating additional yield.
BlackRock and Ethena have already worked together around USDtb, Ethena’s stablecoin issued by Anchorage Digital Bank and primarily backed by BUIDL.
Since launching on Ethereum in 2024, BUIDL has grown into one of the world’s largest tokenized U.S. Treasury funds. Tokenized Treasuries account for nearly half of the broader real-world asset tokenization market, with about $15 billion on-chain, according to RWA.xyz.
BUIDL’s total value locked is about $3 billion, according to DefiLlama.
