Securitize and Ethena Labs activated a liquidity facility on November 12 that gives eligible holders of BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL, the ability to move between the tokenized fund shares and supported stablecoins around the clock. The arrangement is designed to address liquidity needs when conventional banking and settlement systems are closed.

Securitize operates the facility while Ethena provides support. Eligible investors can exchange BUIDL for stablecoins that include USDC, or convert those stablecoins back into BUIDL, without waiting for traditional market reopenings.

Facility Structure and Capacity

The facility opened with $50 million in initial liquidity, split evenly between $25 million in USDC and $25 million in BUIDL. As that pool is drawn down, an additional $50 million can become available within approximately one hour, subject to the facility’s terms, capacity, and availability. This brings the maximum capacity to $100 million.

The $100 million figure represents total potential capacity rather than a continuously funded pool of that size. Access remains limited to eligible BUIDL holders and depends on applicable terms, supported transaction periods, and operational requirements. References to continuous availability do not guarantee immediate completion of every transaction or constant full capacity.

Building on Prior Collaboration

The launch fulfills a framework first outlined in June as part of expanded work between Ethena and BlackRock. It extends an earlier relationship in which Securitize and Ethena enabled atomic swaps between BUIDL and Ethena’s USDtb, a digital dollar product backed primarily by the BlackRock fund.

BUIDL itself provides exposure to cash, U.S. Treasuries, and repurchase agreements through tokenized shares. At the time of the facility’s activation, the fund’s total asset value stood near $1.66 billion. Against that figure, the facility’s maximum capacity equals roughly 6 percent of the fund, while the initial USDC inventory represents about 1.5 percent.

Securitize serves as the fund’s tokenization platform and regulated transfer agent. The company manages more than $4 billion in tokenized assets and trades on the New York Stock Exchange under the ticker SECZ.

Statements from Company Leaders

Carlos Domingo, co-founder and chief executive of Securitize, framed the facility as an advance in practical utility for tokenized holdings.

Guy Young, founder of Ethena Labs, pointed to the mismatch between blockchain operating hours and traditional market schedules.

Eligibility and Scope

Participation is restricted to eligible institutional investors who meet the fund’s existing requirements, including identity verification, subscription agreements, and approval by the transfer agent. The facility does not alter BUIDL’s investor qualifications or replace the fund’s standard redemption processes for larger transactions.

The service is intended to support treasury and cash-management needs that arise when conventional markets are closed, allowing holders to obtain stablecoins or re-enter BUIDL positions without multi-day delays. Capacity remains capped, and large movements continue to rely on the fund’s ordinary procedures.

Earlier liquidity options for BUIDL have included on-chain trading arrangements and collateral uses. The new facility adds a dedicated, bidirectional channel focused on stablecoin conversions outside banking hours.