USDe is now integrated into BlackRock’s Aladdin platform, expanding institutional access to Ethena’s infrastructure. BlackRock’s BUIDL fund will serve as the primary reserve asset for Ethena’
BlackRock and Ethena expanded their partnership on June 30 by integrating USDe into BlackRock’s Aladdin platform, designating BUIDL as a core asset for Ethena’s whitelabel product, and launching a new liquidity facility for tokenized funds. According to Ethena, the move gives institutions using Aladdin access to USDe-related infrastructure, while eligible BUIDL holders gain additional liquidity options through a facility supported by Ethena and Securitize.
According to Ethena, USDe will become an approved digital asset on Aladdin, BlackRock’s portfolio and risk-management platform. Ethena said financial institutions use Aladdin to manage more than $20 trillion in assets.
As a result, institutional users can monitor and access USDe through existing workflows. Notably, the integration expands the reach of Ethena’s synthetic dollar within traditional financial infrastructure.
USDe currently has a circulating supply of about $4.45 billion. Unlike conventional stablecoins, it uses a delta-neutral model that combines spot crypto holdings with short futures positions.
Alongside the integration, BlackRock’s BUIDL fund will become the primary reserve asset for Ethena’s whitelabel stablecoin product. Consequently, future stablecoins built through Ethena’s service can utilize BUIDL as a backing asset.
The announcement builds on an existing relationship between the firms. Ethena’s USDtb stablecoin, launched in December 2024, already holds most of its reserves in BUIDL.
According to available data, BUIDL holds roughly $3 billion in tokenized U.S. Treasury bills, cash, and repurchase agreements. Therefore, the fund remains among the largest tokenized Treasury products on-chain.
The agreement also introduces a $100 million liquidity facility operated through Securitize. Under the arrangement, eligible BUIDL holders can convert their holdings into USDC, USDtb, and other supported stablecoins.
Importantly, users can reverse those transactions outside normal market hours. BlackRock stated that the facility increases the utility of tokenized Treasury funds, while Ethena said it simplifies access to on-chain markets.
The latest agreement extends earlier collaborations involving USDtb and BUIDL. Previously, Ethena and Securitize enabled around-the-clock conversions between BUIDL and USDtb, creating additional liquidity pathways for institutional participants.
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