BlackRock’s tokenized money market fund now has round-the-clock liquidity. Securitize and Ethena Labs have launched a $100 million facility allowing eligible BUIDL holders to exchange their shares for supported stablecoins, including $USDC, 24 hours a day.
How the facility works
BUIDL, formally the BlackRock USD Institutional Digital Liquidity Fund, is a tokenized fund. Each share exists as a blockchain token and can therefore move at any hour.
The new facility lets eligible investors exchange BUIDL shares for supported stablecoins, including $USDC, whenever they choose, even outside traditional market hours.
The facility launches with $50 million in liquidity, divided equally between BUIDL and $USDC to support flows in both directions.
A further $50 million is held in reserve. According to the announcement, this second tranche will be available within an hour as the initial allocation is used, bringing total capacity to $100 million.
Securitize serves as the regulated transfer agent, handling the operational side.
A partnership with history
The companies have linked their products before. In 2025, Securitize and Ethena established atomic swaps between BUIDL and USDtb, Ethena’s stablecoin.
The relationship extends beyond a trading pair. USDtb is primarily backed by BUIDL shares, giving Ethena a direct interest in how easily BUIDL can be bought and sold.
Research related to the launch also points to a broader strategic partnership formed in June 2026. Under that deal, Ethena’s digital products were integrated into Aladdin, BlackRock’s risk-management system for institutional portfolios.
BlackRock launched BUIDL in March 2024, with a net asset value of $1.00 per share. The fund has since become one of the most prominent examples of a traditional asset manager putting a product directly on public blockchain rails.
Securitize serves as BUIDL’s tokenization platform and transfer agent. The company trades on the NYSE under the ticker SECZ and manages more than $4 billion in tokenized assets.
Why around-the-clock liquidity matters
For institutional holders, the gap between market hours can pose a real risk. Crypto markets can move sharply on a Saturday night, and a treasury desk using BUIDL as collateral or for cash management may need stablecoins before Monday morning.
The facility gives eligible holders a defined way to enter or exit at any hour. Its capacity is also specified: $50 million available at launch, with a further $50 million accessible within an hour.
The rationale is particularly direct for Ethena. Since USDtb is primarily backed by BUIDL, easier access to BUIDL liquidity could support the usability of the stablecoin built on it.
What this means
The immediate benefit is practical: eligible BUIDL holders can move between the fund and stablecoins without waiting for traditional markets to open.
The facility has a fixed capacity. A $100 million pool can handle plenty of routine flows, but it is not unlimited; very large redemptions would still depend on the fund’s standard processes.
Eligibility is another limitation. The facility is available to eligible investors, not the general public, reflecting BUIDL’s institutional focus.
Concentration is also a consideration. BlackRock’s fund, Securitize’s transfer-agent role and Ethena’s stablecoin are now more closely connected. That integration is what enables the swaps, but it also means stress in one part of the chain would likely affect the others.
