Securitize and Ethena Labs have activated a new liquidity facility for BlackRock’s tokenized USD Institutional Digital Liquidity Fund (BUIDL), with maximum capacity of up to $100 million. The launch was announced on November 12, 2026, and is designed to let eligible BUIDL holders move between the fund and supported stablecoins such as USDC outside traditional banking and settlement hours, including weekends.
At launch, the facility holds $50 million in initial liquidity, split equally between $25 million in USDC and $25 million in BUIDL. An additional $50 million tranche can be activated within approximately one hour, subject to capacity, terms, and operational conditions. Securitize clarified that the $100 million figure represents total capacity rather than a continuously funded balance. According to RWA.xyz data, BUIDL’s total asset value stood at about $1.66 billion on November 12, meaning the facility’s maximum capacity equals roughly 6% of the fund, while the initial USDC inventory represents about 1.5%.
Ethena Labs founder Guy Young said digital assets operate around the clock, and institutional liquidity needs to keep pace. The arrangement builds on previous collaboration between Securitize and Ethena around USDtb, Ethena’s digital dollar product backed primarily by BUIDL. In June 2025, the two companies enabled 24/7 atomic swaps between BUIDL and USDtb through a liquidity fund smart contract. Ethena also made a $200 million allocation to BUIDL in March 2025, helping push the fund above $1 billion in assets.
The wider BUIDL ecosystem includes a November 2025 agreement allowing eligible Binance traders to use BUIDL as off-exchange collateral, and a February 2026 UniswapX integration using a request-for-quote system with market makers including Flowdesk, Tokka Labs and Wintermute. BlackRock has separately been exploring tokenized fund collateral in traditional finance, with Asia-Pacific cash-management head Dan Maley discussing transfer of fund holdings without prior redemption for cash.
