Ethena Labs and Securitize have implemented 24/7 atomic swaps between BlackRock's tokenized fund BUIDL and Ethena's stablecoin USDtb. Through the USDtb liquidity fund, Securitize-certified qualified participants can exchange from BUIDL to USDtb permissionlessly around the clock, 365 days a year. This integration enhances how institutional and DeFi users access on-chain US dollars. BUIDL is the largest tokenized treasury fund launched by BlackRock in March 2024, with assets under management exceeding 1 billion USD and a current total value locked of 2.88 billion USD. This collaboration further strengthens the long-term partnership between Securitize and Ethena Labs, following their joint launch in March of the institutional-grade EVM chain Converge for tokenized assets. USDtb was launched in December 2024, with 90% of its reserves backed by BUIDL, aiming to provide users with yield assets featuring different risk profiles. USDtb has a market capitalization of 114 million USD and a fully diluted valuation of 1.46 billion USD. The Block has reached out to Securitize and Ethena Labs for comment.

Ethena Labs, the developer of the synthetic dollar USDtb, and real-world asset tokenization firm Securitize have enabled round-the-clock atomic transfers between BlackRock’s tokenized fund BUIDL and Ethena’s stablecoin, which the fund backs."Through the USDtb Liquidity Fund, qualified participants onboarded via Securitize can now swap from BUIDL to Ethena Labs' USDtb permissionlessly, 24/7/365," Securitize posted on the social media platform X. "This integration enhances how institutions and DeFi users can access on-chain dollars."BUIDL, short for BlackRock's USD Institutional Digital Liquidity Fund, launched in March 2024 as the largest tokenized Treasury fund on a public blockchain. It was also the first institutional-grade onchain fund to cross $1 billion in assets under management in March of this year. According to DeFi Llama data, BUIDL showsthat the fund maintains a total value locked of $2.88 billion.The movefurther solidifies the long-standing collaboration between Securitize and Ethena Labs, following thejoint launch of an institutional-grade EVM-chain for tokenized assets, calledConverge, by the two companiesin March.When Ethena Labs unveiled USDtb in December 2024, it diverged from the firm's already experimental USDe token, a USD-pegged stablecoin powered by a derivatives trading strategy, The Block previously reported. BUIDL comprises 90% of USDtb's reserves, aiming to offer users a yield-bearing asset with a different risk profile from USDe.USDtb has a market cap of $114 million and a fully diluted value of $1.46 billion, the crypto data tracker CoinMarketCap shows.The Block reached out to Securitize and Ethena Labs for comment.

Ethena Labs and Securitize Achieve 24/7 Atomic Swaps Between BlackRock Tokenized Fund BUIDL and USDtb Stablecoin