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Ethena Labs, Securitize allows for instant 24/7 swapping between USDtb and BlackRock's encryption fund.
Ethena Labs and Securitize implement 24/7 instant conversion between BlackRock’s tokenized fund and the USDtb stablecoin.
Ethena Labs – the developer of the synthetic dollar USDtb, along with Securitize – a company specialized in tokenizing real-world assets, has activated instant conversion (atomic transfers) continuously between BlackRock’s tokenized fund BUIDL and the stablecoin USDtb.
“Through the USDtb Liquidity Fund, qualified investors verified by Securitize can now swap from BUIDL to USDtb of Ethena Labs without permission, 24/7/365,” Securitize posted on the social media platform X. “This integration enhances how organizations and DeFi users access on-chain dollars.”
BUIDL, fully known as the USD Institutional Digital Liquidity Fund of BlackRock, was launched in March 2024 and is currently the largest tokenized government bond fund on the public blockchain. It is also the first on-chain fund to reach the milestone of 1 billion USD in assets under management this March. According to data from DeFi Llama, the current locked value (TVL) of BUIDL is 2.88 billion USD.
This move further strengthens the long-term partnership between Securitize and Ethena Labs, after both launched Converge – an enterprise-grade EVM chain for tokenized assets – last March.
When Ethena Labs launched USDtb in December 2024, this stablecoin took a different direction compared to USDe – the company’s previous experimental USD token, which was backed by a derivatives trading strategy.
BUIDL accounts for 90% of the USDtb reserves, aiming to provide users with an asset that has yield but carries a different risk structure compared to USDe.
According to data from CoinMarketCap, USDtb currently has a market capitalization of 114 million USD, with a fully diluted value of (FDV) reaching 1.46 billion USD.
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