BlackRock’s tokenized fund gets a $100M liquidity facility for 24/7 swaps

A round-the-clock $100 million liquidity facility enabling qualified institutional investors to swap shares of the BlackRock digital liquidity fund, known as BUIDL, for stablecoins has been rolled out by Securitize and Ethena Labs. The service includes USDC and gives holders access outside traditional market hours.

Key takeaways

• BUIDL holders who qualify can access stablecoin swaps 24/7.
• The facility combines $50 million in starting liquidity with a $50 million reserve.
• Securitize handles operations as the regulated transfer agent.
• Ethena’s USDtb stablecoin is already backed primarily by BUIDL.

The facility went live on November 12, 2026, following its initial announcement in June. It extends an existing relationship between Securitize and Ethena, whose earlier work connected BUIDL with Ethena’s USDtb stablecoin through round-the-clock atomic swaps.

How the BlackRock digital liquidity fund connects to 24/7 swaps

Eligible holders can exchange BUIDL shares for supported stablecoins, including USDC, 24 hours a day. The facility opens with $50 million in liquidity, divided equally between BUIDL and USDC to support transactions in both directions.

A further $50 million reserve becomes available within an hour as the initial liquidity is used, bringing total capacity to $100 million. That distinguishes the amount available at launch from the facility’s full capacity.

BlackRock launched BUIDL in March 2024 with a net asset value of $1.00 per share. Each share is represented by a token on a blockchain, allowing it to move at any hour. The facility provides eligible holders with a route between those tokenized shares and stablecoins outside normal market schedules.

Securitize and Ethena build on an existing partnership

Securitize manages the facility’s operations as its regulated transfer agent. It also serves as BUIDL’s tokenization platform and transfer agent, manages more than $4 billion in tokenized assets and trades on the NYSE under the ticker SECZ.

The collaboration with Ethena dates to 2025, when the firms established atomic swaps between BUIDL and USDtb. Ethena’s stablecoin is backed primarily by BUIDL shares, connecting its backing to liquidity in the BlackRock fund.

A broader strategic partnership formed in June 2026 also integrated Ethena’s digital products into Aladdin, BlackRock’s risk-management system for institutional portfolios. The liquidity facility adds another operational connection among BlackRock’s fund, Securitize’s infrastructure and Ethena’s products.

Institutional access beyond market hours

The facility addresses institutional holders’ need for stablecoins when traditional markets are closed. A treasury desk using BUIDL for collateral or cash management can need stablecoins over a weekend rather than waiting until Monday morning.

“By bringing this facility online with Securitize, we’re helping close the gap between traditional market hours and the always-on nature of blockchain markets,” said Guy Young, founder of Ethena Labs. “It’s another important step in making tokenized assets more useful for institutional participants.”

The service is restricted to eligible institutional investors rather than the general public. Its capacity is capped at $100 million; very large redemptions still rely on the fund’s standard processes.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.