BlackRock’s tokenized U.S. Treasury fund, BUIDL, has officially gone live with 24/7 real-time on-chain liquidity, thanks to a strategic integration with Ethena Labs.
This move significantly improves accessibility, composability, and capital efficiency for institutional investors and DeFi users.
The partnership enables atomic swaps between BUIDL and USDtb—a stablecoin primarily backed by BUIDL—through Ethena’s infrastructure. With over $1.4 billion in circulating supply, USDtb is already well-integrated across both decentralized and centralized financial platforms. Now, through onboarding with Securitize, qualified investors can swap BUIDL for USDtb at any time without requiring permission or intermediaries.
This seamless liquidity solution marks a major step forward in the evolution of tokenized finance. By allowing constant market access and real-time settlement, the integration eliminates traditional fund transfer delays, empowering BUIDL holders with greater flexibility to engage in a broader range of DeFi strategies supported by USDtb’s expanding ecosystem.
Moreover, the collaboration underscores a growing effort to scale institutional-grade infrastructure for tokenized securities. It also deepens ties between Ethena and Converge, the blockchain platform supporting this initiative, signaling a long-term commitment to programmable finance solutions.
Institutional momentum is accelerating. According to data from RWA.xyz, the total assets held by BlackRock’s BUIDL fund surged 57% in the past month. A major driver of this growth was Ethena’s $200 million allocation in March. Introduced in partnership with Securitize, the BUIDL fund provides on-chain exposure to U.S. Treasuries, repurchase agreements, and cash, establishing itself as a key player in the real-world asset (RWA) sector.
Building on BlackRock’s momentum in the digital asset space, its iShares Bitcoin Trust (IBIT) has recently become the fastest ETF in history to surpass $70 billion in assets under management. The record was achieved in just 341 days—five times faster than the SPDR Gold Shares ETF, which took over four years to reach the same milestone, highlighting BlackRock’s growing dominance across both tokenized and crypto-native investment products.
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