Ethena Labs, the developer of the synthetic dollar USDtb, and real-world asset tokenization firm Securitize have enabled round-the-clock atomic transfers between BlackRock’s tokenized fund BUIDL and Ethena’s stablecoin, which the fund backs.
“Through the USDtb Liquidity Fund, qualified participants onboarded via Securitize can now swap from BUIDL to Ethena Labs’ USDtb permissionlessly, 24/7/365,” Securitize posted on the social media platform X. “This integration enhances how institutions and DeFi users can access on-chain dollars.”
BUIDL, short for BlackRock’s USD Institutional Digital Liquidity Fund, launched in March 2024 as the largest tokenized Treasury fund on a public blockchain. It was also the first institutional-grade onchain fund to cross $1 billion in assets under management in March of this year. According to DeFi Llama data, BUIDL shows that the fund maintains a total value locked of $2.88 billion.
The move further solidifies the long-standing collaboration between Securitize and Ethena Labs, following the joint launch of an institutional-grade EVM-chain for tokenized assets, called Converge, by the two companies in March.
When Ethena Labs unveiled USDtb in December 2024, it diverged from the firm’s already experimental USDe token, a USD-pegged stablecoin powered by a derivatives trading strategy, The Block previously reported. BUIDL comprises 90% of USDtb’s reserves, aiming to offer users a yield-bearing asset with a different risk profile from USDe.
USDtb has a market cap of $114 million and a fully diluted value of $1.46 billion, the crypto data tracker CoinMarketCap shows.
The Block reached out to Securitize and Ethena Labs for comment.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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