For the first time, institutional and decentralized financial users can now exchange between BlackRock’s tokenized US Treasury Fund, Buidl and Ethena’s USDTB Stablecoin around the clock.
The new possibility, announced By in Securitize on June 18, marks a step forward in connecting traditional finances with Defi. It sets a new standard for how observed assets are accessible and composed on the chain. Thanks to a new Liquidity Fund Smart Contract, qualified users on board can now be performed via Securitize, now perform at atomic Swaps between Buidl and USDTB around the clock.
As a result, holders of Buidl or BlackRock USD Institutional Digital Liquuidity Fund now have unlimited access to various Defi strategies that already contain USDTB. USDTB, which has a circulating range of more than $ 113 million, is mainly supported by Buidl and offers a stable, composite and yield to the dollar on the chain.
BUIDL now has 24/7 on-chain liquidity via @ethena_labs
We’ve partnered with Ethena to enable atomic swaps from BlackRock’s BUIDL to USDtb—unlocking new composability, liquidity, and accessibility for the world’s largest tokenized Treasury fund.
Here’s what it means 🧵👇 pic.twitter.com/vymjYACt0T
— Securitize (@Securitize) June 18, 2025
The integration was built by Securitize and Ethena (ENA) Labs, which extended a partnership that started with the launch of the Converge Blockchain in March of this year. It enables power holders to switch between programmable dollars and tokenized treasuries without the need for off-chain middle-down people. This opens new trade options and liquidity for both CEFI and Defi participants.
The growing role of Puidl in Crypto infrastructure is further demonstrated by the recent mention as collateral on Deribit and Crypto.com. The fund now dominates around 40% of the $ 7.3 billion tokenized American treasuries market, with strong influx of institutions that are looking for regulated revenue exposure.
In the first instance, Ethena Labs kept up to 90% of USDTB’s reserves in Buidl, but has since stopped performing extra allocations. However, USDTB is still closely related to the liquidity and performance of the fund.
Systemic risks are introduced by the deep reserve donation in Buidl. If Puidl would have to deal with repayment bottlenecks or regulatory research, the support of USDTB could be tested. With verified reserves and controlled smart contracts, however, the system wants to balance transparency with capital efficiency.
