Ethena Labs and Securitize achieve 24/7 atomic swaps between USDe and BlackRock's tokenized fund BUIDL.

Written by: MK Manoylov, THE BLOCK

Compiled by: Jessica, Techub News

Securitize and Ethena Labs now support 24/7 instant exchanges of BUIDL and USDtb to enhance on-chain liquidity, flexibility, and strengthen DeFi application scenarios.

This move further solidifies the long-term cooperation between the two companies, which previously jointly launched the institutional-level EVM chain Converge in March 2024.

Ethena Labs, the developer of the synthetic dollar USDtb, and the asset tokenization company Securitize have announced that the BlackRock tokenized fund BUIDL (the reserve asset for stablecoins) has now achieved 24/7 atomic swaps with the Ethena stablecoin USDtb.

"Through the USDtb liquidity fund, participants certified by Securitize can now exchange BUIDL for Ethena Labs' USDtb year-round without permission." Securitize stated on social media platform X, "This integration optimizes the way institutional and DeFi users access on-chain dollars."

BUIDL (short for BlackRock's USD Institutional Digital Liquidity Fund) was launched in March 2024 and is currently the largest tokenized treasury bond fund on public blockchains. In March of this year, it also became the first institutional-grade on-chain fund to surpass $1 billion in assets under management. According to data from DeFi Llama, BUIDL currently has a total locked value of $2.88 billion.

This marks a further deepening of the collaboration between Securitize and Ethena Labs. Previously, the two companies jointly launched the institutional-level EVM chain Converge for tokenized assets in March 2024.

According to a previous report by The Block, when Ethena Labs launches USDtb in December 2024, it will establish a differentiated positioning with its experimental stablecoin USDtb that adopts derivative trading strategies. BUIDL accounts for 90% of the USDe reserves and aims to provide users with yield-bearing assets that have different risk characteristics from USDe.

The cryptocurrency data platform CoinMarketCap shows that the current market value of USDtb is $165 million (as of June 26, 14:48), with a fully diluted value of $1.46 billion.

The Block has contacted Securitize and Ethena Labs for comments on this matter.