Securitize and Ethena Activate US$100 Million BUIDL Liquidity Facility

Securitize and Ethena Labs opened a facility on 12 November that lets eligible investors swap BlackRock’s tokenised BUIDL fund for USDC and back outside traditional market hours.

Securitize, which tokenised BUIDL for BlackRock, operates the facility with Ethena’s support. Their joint announcement said the facility starts with US$50 million (AU$73.5 million) of liquidity. 

That sum is split evenly, with US$25 million (AU$36.75 million) in USDC and the same amount 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 (AU$147 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.

Related: Strategy Buys Another 1,036 Bitcoin for US$82 Million as Bitmine Closes In on 5% ETH Goal

A Framework Set in 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 tokenised 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 tokenised real-world assets in March 2025.

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 (AU$2.44 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 (AU$7.35 billion) in assets under management as of September. Its chief executive, Carlos Domingo, said in December 2025 that tokenising an illiquid asset does not make it liquid.