BlackRock’s Aladdin platform, the portfolio management system that oversees trillions in assets for institutional clients worldwide, is expanding its support for Ethena’s stablecoin products.
The BlackRock-Ethena pipeline
Ethena Labs launched its USDtb stablecoin in December 2024. Unlike its original synthetic dollar product, USDe, which uses derivatives-based yield strategies, USDtb was designed as something more conservative: a reserve-backed stablecoin with over 90% of its reserves held in BlackRock’s BUIDL fund.
BUIDL is a tokenized money market fund that BlackRock launched through Securitize, giving holders exposure to short-term US government debt through a digital token.
When Ethena allocated $200 million into BUIDL, it helped push the fund’s total assets under management past the $1 billion mark.
