Securitize and Ethena launch $100M liquidity facility for BlackRock’s BUIDL

How the facility works

BlackRock’s tokenized money market fund just got a night shift. Securitize and Ethena Labs have launched a $100 million liquidity facility that lets eligible holders of BUIDL swap their shares for supported stablecoins, including USDC, 24 hours a day.

BUIDL, formally the BlackRock USD Institutional Digital Liquidity Fund, is a tokenized fund. Each share lives on a blockchain as a token, which means it can move at any hour.

The new facility changes that for eligible investors. They can exchange BUIDL shares for supported stablecoins, with USDC named among them, whenever they want, including outside traditional market hours.

The pool opens with $50 million in initial liquidity. That starting balance is split evenly between BUIDL and USDC, so the facility can handle flows in both directions.

Another $50 million sits in reserve. According to the announcement, that second tranche becomes available within an hour as the first batch gets used, bringing total capacity to $100 million.

Securitize is acting as the regulated transfer agent handling the operational side.

A partnership with history

This is not the first time these two companies have wired their products together. In 2025, Securitize and Ethena set up atomic swaps between BUIDL and USDtb, Ethena’s stablecoin.

The connection runs deeper than a trading pair. USDtb is primarily backed by BUIDL shares, which means Ethena has a direct stake in how easily BUIDL can be bought and sold.

The research behind this launch also points to a broader strategic partnership formed in June 2026. That deal integrated Ethena’s digital products into Aladdin, BlackRock’s risk-management system, which is used to manage institutional portfolios.

BlackRock launched BUIDL in March 2024, with a $1.00 net asset value per share. The fund has since become one of the most visible examples of a traditional asset manager putting a product directly on public blockchain rails.

Securitize, for its part, serves as the tokenization platform and transfer agent for BUIDL. The company trades on the NYSE under the ticker SECZ and manages over $4 billion in tokenized assets.

Why around-the-clock liquidity matters

For institutional holders, that gap carries real risk. Crypto markets can move sharply on a Saturday night, and a treasury desk holding BUIDL as collateral or cash management may need stablecoins before Monday morning.

This facility gives those holders a defined exit and entry point at any hour. It also gives them a known size: $50 million on hand at launch, with another $50 million available within an hour.

For Ethena, the logic is tighter still. Because USDtb is primarily backed by BUIDL, smoother BUIDL liquidity could help support the usability of the stablecoin built on top of it.

What this means

The most immediate effect is practical: eligible BUIDL holders gain a way to move between the fund and stablecoins without waiting for traditional markets to open.

The facility has a defined capacity. A $100 million pool can absorb plenty of routine flow, but it is not unlimited, and very large redemptions would still lean on the fund’s standard processes.

Eligibility is another constraint. The facility is open to eligible investors, not the general public, which reflects BUIDL’s institutional focus.

There is also concentration to consider. BlackRock’s fund, Securitize’s transfer agent role and Ethena’s stablecoin are now more tightly linked than before. That integration is the point, since it is what makes the swaps work. It also means stress in one part of the chain would likely be felt in the others.