Securitize and Ethena Labs launched a liquidity facility on 12 November that allows eligible investors to swap BlackRock's tokenized BUIDL fund for USDC and back outside traditional market hours. The facility enables 24/7 trading of the tokenized fund, addressing liquidity needs in the digital asset ecosystem. The facility opens with US$50 million in liquidity split evenly between USDC and BUIDL, with capacity to expand to US$100 million as investors draw on the initial pool, though the companies cautioned that availability may vary and terms can be modified or suspended.
Securitize and Ethena Set US$50 Million Initial Liquidity Pool
Securitize, which tokenized BUIDL for BlackRock, operates the facility with Ethena's support. The facility starts with US$50 million of liquidity, split evenly with US$25 million in USDC and US$25 million in BUIDL.
As investors draw on that starting pool, up to the same amount again can be added within about an hour. That would lift the facility to US$100 million, its maximum capacity. That ceiling is neither continuously funded nor immediately available, a footnote to the announcement states.
The facility may not be available at all times or in the amounts described, the companies cautioned in their forward-looking statements. Its top-up may also arrive late or not at all, and its terms can be changed, suspended or terminated. The announcement did not say which blockchain the facility runs on, who counts as an eligible investor or what the swaps cost.
Ethena Delivered on Framework Announced 29 June
The facility delivers on a framework Ethena unveiled on 29 June, when it expanded its work with BlackRock. Ethena's post that day named USDe's integration into BlackRock's Aladdin platform, BUIDL as the main asset behind Ethena's Whitelabel product, and a liquidity facility for BlackRock's tokenized products.
BUIDL already sits behind USDtb, Ethena's digital dollar product, which went live in December 2024 with about 90% of its reserves in the fund. Securitize was a partner on that launch, and the two firms went on to unveil the Converge blockchain for tokenized real-world assets in March 2025.
BUIDL Fund Valued at US$1.66 Billion on Launch Day
BUIDL launched in March 2024 and is issued on nine blockchains, including Ethereum, Solana and Avalanche, according to rwa.xyz. The data provider valued the fund at US$1.66 billion in figures updated on launch day. That was 23.95% lower than 30 days earlier. The same figures count 101 addresses holding the fund.
Securitize, which trades on the NYSE as SECZ, reported about US$5 billion in assets under management as of September. Its chief executive, Carlos Domingo, said in December 2025 that tokenizing an illiquid asset does not make it liquid.
FAQ
What did Securitize and Ethena Labs launch on 12 November?
Securitize and Ethena Labs launched a liquidity facility on 12 November that allows eligible investors to swap BlackRock's tokenized BUIDL fund for USDC and back outside traditional market hours. The facility operates 24/7 and starts with US$50 million in liquidity split evenly between USDC and BUIDL.
What is the maximum capacity of the BUIDL liquidity facility?
The facility can reach a maximum capacity of US$100 million as investors draw on the initial US$50 million pool. As the starting pool is used, up to the same amount again can be added within about an hour, though that ceiling is neither continuously funded nor immediately available.
When did Ethena first announce plans for this liquidity facility?
Ethena unveiled the framework for this liquidity facility on 29 June, when it expanded its work with BlackRock. The announcement that day included USDe's integration into BlackRock's Aladdin platform, BUIDL as the main asset behind Ethena's Whitelabel product, and a liquidity facility for BlackRock's tokenized products.
