Key Takeaways
- • Securitize and Ethena Labs launched a 24/7 liquidity facility of $100M enabling qualified institutional investors to swap BlackRock's BUIDL tokenized fund shares for stablecoins, including USDC.
- • The facility opens with $50M in initial liquidity split equally between BUIDL and USDC, with a further $50M reserve available within an hour as initial liquidity is used.
- • The facility went live on November 12, 2026, following an initial announcement in June 2026, and is restricted to eligible institutional investors.
- • Securitize serves as the regulated transfer agent and operations manager for the facility, and as BUIDL's tokenization platform; Ethena's USDtb stablecoin is backed primarily by BUIDL shares.
- • Very large redemptions still go through the fund's standard processes, as the facility's capacity is capped at $100M.
Summary
A round-the-clock $100 million liquidity facility enabling qualified institutional investors to swap shares of the BlackRock digital liquidity fund (BUIDL) for stablecoins has been rolled out by Securitize and Ethena Labs, according to the original report. The service includes USDC and gives eligible holders access outside traditional market hours. The facility went live on November 12, 2026, following its initial announcement in June.
The facility opens with $50 million in liquidity, divided equally between BUIDL and USDC to support transactions in both directions. A further $50 million reserve becomes available within an hour as the initial liquidity is used, bringing total capacity to $100 million. BlackRock launched BUIDL in March 2024 with a net asset value of $1.00 per share, with each share represented by a blockchain token that can move at any hour.
Securitize manages the facility's operations as its regulated transfer agent. The firm also serves as BUIDL's tokenization platform and transfer agent, manages more than $4 billion in tokenized assets and trades on the NYSE under the ticker SECZ. The facility extends an existing relationship: in 2025, the firms established atomic swaps between BUIDL and Ethena's USDtb stablecoin, which is backed primarily by BUIDL shares. A broader strategic partnership formed in June 2026 also integrated Ethena's digital products into Aladdin, BlackRock's risk-management system for institutional portfolios.
The facility addresses institutional holders' need for stablecoins when traditional markets are closed; a treasury desk using BUIDL for collateral or cash management, for example, could need stablecoins over a weekend rather than waiting until Monday morning. Guy Young, founder of Ethena Labs, said: "By bringing this facility online with Securitize, we're helping close the gap between traditional market hours and the always-on nature of blockchain markets." He added that it is "another important step in making tokenized assets more useful for institutional participants."
The service is restricted to eligible institutional investors rather than the general public, and its capacity is capped at $100 million. Very large redemptions still rely on the fund's standard processes.
The facility opens with $50 million in liquidity, divided equally between BUIDL and USDC to support transactions in both directions. A further $50 million reserve becomes available within an hour as the initial liquidity is used, bringing total capacity to $100 million. BlackRock launched BUIDL in March 2024 with a net asset value of $1.00 per share, with each share represented by a blockchain token that can move at any hour.
Securitize manages the facility's operations as its regulated transfer agent. The firm also serves as BUIDL's tokenization platform and transfer agent, manages more than $4 billion in tokenized assets and trades on the NYSE under the ticker SECZ. The facility extends an existing relationship: in 2025, the firms established atomic swaps between BUIDL and Ethena's USDtb stablecoin, which is backed primarily by BUIDL shares. A broader strategic partnership formed in June 2026 also integrated Ethena's digital products into Aladdin, BlackRock's risk-management system for institutional portfolios.
The facility addresses institutional holders' need for stablecoins when traditional markets are closed; a treasury desk using BUIDL for collateral or cash management, for example, could need stablecoins over a weekend rather than waiting until Monday morning. Guy Young, founder of Ethena Labs, said: "By bringing this facility online with Securitize, we're helping close the gap between traditional market hours and the always-on nature of blockchain markets." He added that it is "another important step in making tokenized assets more useful for institutional participants."
The service is restricted to eligible institutional investors rather than the general public, and its capacity is capped at $100 million. Very large redemptions still rely on the fund's standard processes.
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