BlackRock and Ethena Labs announced Monday a deepened collaboration that is set to give institutional investors using Aladdin greater access to Ethena's products, including improved liquidity for BUIDL.
The partnership seeks to deepen BlackRock's engagement with digital dollar infrastructure and expand the role of tokenized real-world assets (RWAs), according to the companies. BlackRock's Aladdin platform helps institutional investors track, analyze, and manage risk across their portfolios.
As part of the agreement, Ethena will support a $100 million liquidity facility through Securitize, the tokenization platform and regulated transfer agent for BlackRock's USD Institutional Digital Liquidity Fund (BUIDL).
"In the case of tokenized treasury funds in particular, this liquidity facility enables a level of frictionless interoperability that is core to the unique utility that tokenizing treasury funds makes possible," BlackRock's Global Head of Digital Assets Robert Mitchnick said.
The new setup will enable eligible BUIDL clients to exchange BUIDL tokens for USDC, USDtb, and other supported stablecoins. Clients can also convert those stablecoins back into BUIDL outside of normal market hours, the companies also said.
