Securitize and Ethena Open $100M Pool So BUIDL Holders Can Swap Any Hour

BlackRock's tokenized money market fund no longer has to wait for Wall Street's opening bell. Securitize and Ethena Labs have switched on a $100 million liquidity facility that lets eligible BUIDL holders trade their shares for supported stablecoins, USDC among them, at any hour of the day.

The pool opens with $50 million in liquidity, split evenly between BUIDL and USDC so it can absorb flows in both directions. A second $50 million tranche sits in reserve and, per the announcement, becomes available within an hour as the first batch is drawn down. Securitize is handling the operational side as the regulated transfer agent.

This isn't the pair's first wiring job. In 2025, Securitize and Ethena built atomic swaps between BUIDL and USDtb, Ethena's stablecoin. That link runs deeper than a trading pair: USDtb is primarily backed by BUIDL shares, giving Ethena a direct stake in how easily the fund's tokens can be bought and sold. Research behind the launch also points to a broader partnership formed in June 2026 that plugged Ethena's digital products into Aladdin, BlackRock's risk-management system for institutional portfolios.

BlackRock rolled out BUIDL in March 2024 at a $1.00 net asset value per share, and the fund has become one of the clearest examples of a traditional asset manager putting a product on public blockchain rails. Securitize serves as its tokenization platform and transfer agent, trades on the NYSE under SECZ, and manages more than $4 billion in tokenized assets.

For treasury desks holding BUIDL as collateral or cash management, the gap mattered: crypto can swing hard on a Saturday night while the fund's usual rails stay shut. The facility hands those holders a defined entry and exit at any hour, with a known size attached.

The limits are real. A $100 million pool can soak up routine flow, but it isn't unlimited, and very large redemptions still fall back on the fund's standard processes. It's also closed to the general public, open only to eligible investors, in keeping with BUIDL's institutional focus. And the tighter knot between BlackRock's fund, Securitize's transfer role and Ethena's stablecoin is precisely what makes the swaps work, even as it ties the three closer together under stress.