BlackRock, Ethena expand tie with $100 million BUIDL liquidity facility

BlackRock and Ethena Labs said on June 29 they are expanding their collaboration by integrating Ethena’s synthetic dollar USDe into BlackRock’s Aladdin platform and supporting a $100 million liquidity facility tied to BlackRock’s tokenized U.S. Treasury fund BUIDL through Securitize. Aladdin, which BlackRock uses internally and licenses to institutional clients, tracks roughly $25 trillion in assets. The update makes USDe one of the crypto assets available through Aladdin, alongside BlackRock’s bitcoin and ether exchange-traded products, according to the report. Ethena said it will also use BUIDL as the primary asset in its whitelabel products, extending an existing relationship around USDtb, an Ethena stablecoin backed primarily by BUIDL. Ethena founder Guy Young said the next phase of digital asset adoption will depend on infrastructure that lets traditional institutions access onchain financial products through familiar workflows. The move is notable because USDe, unlike fiat-backed stablecoins such as USDC and USDT, uses crypto collateral and derivatives positions to maintain its dollar peg. USDe had grown rapidly after launch, at one point reaching $14 billion and becoming the third-largest stablecoin, but it has since faced outflows amid a broader cooling in decentralized finance activity. The token’s market capitalization now stands at more than $4.45 billion, making it the sixth-largest stablecoin, according to CoinGecko. Ethena’s native token ENA briefly jumped 10% on the news and was last trading at $0.07894, up 5.6% on the day.