BlackRock just made it a lot easier for pension funds and banks to buy into crypto’s synthetic dollar experiment. The asset management giant is integrating Ethena’s USDe directly into its Aladdin platform, the risk management and portfolio system that oversees more than $20 trillion in assets.
Think of Aladdin as the operating system that runs much of traditional finance. Banks, insurers, and pension funds use it to manage portfolios, assess risk, and execute trades. Now those same institutions can allocate to USDe, Ethena’s synthetic dollar, without building any new infrastructure or bolting on unfamiliar tools.
What the deal actually looks like
The integration goes beyond simply listing another digital asset on a dashboard. BlackRock’s tokenized money market fund, BUIDL, becomes the primary reserve asset for Ethena’s white-label products.
A new $100 million liquidity facility is being launched through Securitize. The facility supports swaps between BUIDL and popular stablecoins like USDC and USDtb, specifically designed to facilitate transactions outside traditional banking hours.
