TheBlock
Securitize and Ethena Labs have launched a $100 million liquidity facility for BlackRock's USD Institutional Digital Liquidity Fund, known as BUIDL. The facility allows eligible investors to exchange fund shares for supported stablecoins, including USDC, 24 hours a day.
The facility starts with $50 million in liquidity, split evenly between BUIDL and USDC. Another $50 million is available within an hour as liquidity is used.
Why it matters
The facility gives eligible holders a route to stablecoins outside traditional market hours, connecting a tokenized fund with markets that operate continuously. It builds on Securitize and Ethena's work around BUIDL and USDtb, Ethena's digital dollar product backed primarily by BUIDL.
The companies also integrated in June 2025 to offer 24/7 atomic swaps between BlackRock's tokenized fund and Ethena's stablecoin. Securitize CEO Carlos Domingo said the new facility takes another step toward giving institutional investors access to liquidity when traditional markets are closed.
Market impact
The launch adds liquidity infrastructure around BUIDL as BlackRock expands the fund's presence in onchain markets. In February, BlackRock and Securitize tapped Uniswap for direct onchain trading of the $2.4 billion tokenized Treasury fund through UniswapX, available to eligible investors.
For eligible participants, the new facility offers another way to move between tokenized fund shares and stablecoins without waiting for traditional markets to reopen.
Frequently asked questions
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Who can use the BUIDL liquidity facility?
Eligible investors can use the facility to exchange BUIDL fund shares for supported stablecoins, including USDC.
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How much liquidity is available when the facility launches?
The facility launches with $50 million, split evenly between BUIDL and USDC. Another $50 million is available within an hour as liquidity is used.
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Why does round-the-clock access matter for BUIDL holders?
It gives eligible investors a way to exchange fund shares for supported stablecoins outside traditional market hours.
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How is Ethena's USDtb connected to BUIDL?
USDtb is Ethena's digital dollar product and is backed primarily by BUIDL. The facility builds on Securitize and Ethena's existing collaboration around both products.
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How else can eligible investors trade BUIDL onchain?
BlackRock and Securitize tapped Uniswap for direct onchain BUIDL trading through UniswapX, available to eligible investors.
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