Securitize has launched a liquidity facility with up to $100 million in capacity for eligible holders of BlackRock’s BUIDL fund, allowing exchanges to access supported stablecoins outside traditional market hours with support from Ethena.
Summary
- $50 million in initial liquidity consists of equal amounts of USDC and BUIDL.
- Another $50 million may become available within an hour, subject to capacity and terms.
- Eligible investors can exchange in both directions, including during weekends when traditional markets close.
Securitize announced the launch on Nov. 12, describing a service that lets approved investors move between BlackRock’s USD Institutional Digital Liquidity Fund and supported stablecoins, including USDC. In its own announcement, Ethena confirmed its support for the facility, which Securitize operates.
The launch gives holders another way to sell their fund tokens for stablecoins without waiting for banking and settlement systems to reopen. Investors can use the same facility to move supported stablecoins back into BUIDL.
BUIDL facility starts with $50 million in liquidity
At launch, the facility holds $25 million in USDC and $25 million in BUIDL, according to Securitize’s published breakdown. As that liquidity is used, 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, including the additional liquidity. It does not represent $100 million in stablecoins sitting ready for holders to withdraw, or an amount that remains continuously funded.
Securitize’s accompanying disclosure says access is limited to eligible BUIDL holders and depends on applicable terms, supported transaction periods, and operational requirements. References to around-the-clock availability do not guarantee that every transaction can be completed immediately or that the full capacity will always be available.
On the RWA.xyz dashboard, BUIDL’s total asset value stood at approximately $1.66 billion when checked for this report. Against that figure, the facility’s maximum capacity equals roughly 6% of the fund, while its initial USDC inventory represents around 1.5%. Both comparisons use the displayed fund value, which changes over time.
Ethena links the launch to weekend liquidity
In its announcement thread, Securitize said tokenized assets can move on blockchain networks at any time, while liquidity in traditional markets remains constrained by banking hours and settlement infrastructure. The facility is designed to give eligible investors access over weekends.
“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, saying it would make tokenized assets more useful for institutional participants.
BUIDL’s investor requirements remain separate from the ability to transfer tokens onchain. RWA.xyz lists the fund for U.S. qualified purchasers and describes onboarding that includes identity checks, subscription agreements, and approval by the transfer agent before an investor is whitelisted.
USDtb swaps preceded the new facility
The companies already work together through USDtb, Ethena’s digital dollar product backed primarily by BUIDL. Securitize identified that relationship as the foundation for the latest launch.
As crypto.news reported in June 2025, their earlier round-the-clock USDtb swaps allowed qualified users onboarded through Securitize to exchange between BUIDL and USDtb using a liquidity fund smart contract. The announcement followed the introduction of that capability on June 18.
Ethena had already become a substantial BUIDL investor. In March 2025, a $200 million allocation helped take the fund above $1 billion in assets. BUIDL gives investors exposure to cash, U.S. Treasuries, and repurchase agreements through tokenized fund shares.
BUIDL has existing trading and collateral arrangements
Other BUIDL liquidity options predate the latest launch. In February, Uniswap Labs and Securitize introduced trading through UniswapX, using a request-for-quote system that draws prices from approved market participants. The named participants included Flowdesk, Tokka Labs and Wintermute, with trades settling atomically onchain.
BlackRock has been exploring further uses for tokenized funds as collateral in traditional markets. In October, its Asia Pacific cash-management head, Dan Maley, discussed opportunities for transferring fund holdings without first redeeming them for cash, while acknowledging the complications of extending existing digital-asset arrangements into conventional finance.
An existing institutional arrangement dates to November 2025, when Securitize announced that eligible Binance traders could use BUIDL as off-exchange collateral.
