Securitize Opens $100M BUIDL Liquidity Facility With Ethena Backing

Securitize launched a liquidity facility with up to $100 million in capacity for eligible holders of BlackRock's BUIDL fund on Nov. 12, with Ethena providing support and USDC serving as the primary swap asset. The service lets approved investors move between BlackRock's USD Institutional Digital Liquidity Fund and supported stablecoins outside traditional banking hours, including weekends.

The launch starts with $50 million in initial liquidity, split evenly: $25 million in USDC and $25 million in BUIDL, according to Securitize's published breakdown. Another $50 million can be made available within approximately an hour, subject to the facility's terms, capacity and availability. The $100 million figure describes total capacity — not stablecoins sitting ready for withdrawal, and not an amount that remains continuously funded.

Swaps run in both directions. Eligible holders can sell fund tokens for stablecoins without waiting for settlement systems to reopen, or move supported stablecoins back into BUIDL. Ethena confirmed its support for the facility, which Securitize operates, in its own announcement.

What are the facility's limits?

Securitize's disclosure restricts access to eligible BUIDL holders and conditions it on applicable terms, supported transaction periods and operational requirements. Around-the-clock availability doesn't guarantee that every transaction completes immediately or that full capacity stays available at all times.

Scale matters here. On the RWA.xyz dashboard, BUIDL's total asset value stood at roughly $1.66 billion when checked. Against that figure, the facility's maximum capacity equals about 6% of the fund, and its initial USDC inventory represents roughly 1.5%. Both comparisons use a displayed value that moves over time.

Investor requirements remain separate from onchain transferability. RWA.xyz lists the fund for U.S. qualified purchasers, with onboarding that includes identity checks, subscription agreements and transfer-agent approval before an investor is whitelisted.

Why weekends drove the design

In its announcement thread, Securitize said tokenized assets can move on blockchain networks at any time, while liquidity in traditional markets stays constrained by banking hours and settlement infrastructure. The facility targets that gap directly.

"Digital assets operate around the clock, and institutional liquidity needs to keep pace," Ethena Labs founder Guy Young said in a statement shared by Securitize. Young described the arrangement as helping close the gap between traditional market hours and blockchain markets, making tokenized assets more useful for institutional participants.

How deep does the Securitize–Ethena relationship go?

The two companies already collaborate through USDtb, Ethena's digital dollar product backed primarily by BUIDL. Securitize identified that relationship as the foundation for the new facility.

Their earlier round-the-clock USDtb swaps, introduced on June 18, 2025, allowed qualified users onboarded through Securitize to exchange between BUIDL and USDtb using a liquidity fund smart contract. Ethena had already become a substantial BUIDL investor: a $200 million allocation in March 2025 helped push the fund above $1 billion in assets. BUIDL gives investors exposure to cash, U.S. Treasuries and repurchase agreements through tokenized fund shares.

The facility is not BUIDL's first liquidity route. In February, Uniswap Labs and Securitize introduced trading through UniswapX, using a request-for-quote system with prices drawn from approved market participants including Flowdesk, Tokka Labs and Wintermute, settling atomically onchain. In November 2025, Securitize announced that eligible Binance traders could use BUIDL as off-exchange collateral.

BlackRock keeps pushing tokenized funds into conventional finance. In October, its Asia Pacific cash-management head, Dan Maley, discussed transferring fund holdings as collateral without first redeeming them for cash, while acknowledging the complications of extending digital-asset arrangements into traditional markets. The new facility gives institutions a working weekend bridge; whether capacity holds under real demand will show the first time a Sunday drawdown tests it.