A $100 million liquidity mechanism plus redemption outside trading hours—basically, they’re running tokenized Treasuries like a 24-hour convenience store. Institutional players really do have that kind of financial horsepower.

BlackRock and Ethena Labs announced a deepened partnership, with BlackRock's institutional investment management platform Aladdin further supporting Ethena's stablecoin products, including USDe becoming one of the crypto assets supported by Aladdin. The two parties will also launch a $100 million liquidity mechanism through Securitize, supporting conversions between BlackRock's tokenized U.S. Treasury fund BUIDL and stablecoins such as USDC and USDtb, and allowing eligible clients to complete conversions between stablecoins and BUIDL during non-trading hours to enhance the interoperability of tokenized assets and digital dollars.