Read this article on bsc.news Securitize has launched a round-the-clock liquidity facility that lets eligible holders of BlackRock's tokenized fund BUIDL swap it for stablecoins such as $USDC
Securitize has launched a round-the-clock liquidity facility that lets eligible holders of BlackRock's tokenized fund BUIDL swap it for stablecoins such as $USDC at any hour, weekends included. @ethena ($ENA) supports the facility, and @Securitize operates it.
The facility opens with $50 million, split evenly between $USDC and BUIDL. Another $50 million can be added within about an hour as the first batch is used, taking total capacity to $100 million.
BUIDL is formally the BlackRock USD Institutional Digital Liquidity Fund. The facility lets eligible investors trade BUIDL for stablecoins such as USDC and swap those stablecoins back into BUIDL when banks and traditional markets are shut, weekends included.The initial liquidity comprises $25 million in USDC and $25 million in BUIDL.
Securitize acts as the regulated transfer agent handling the operational side, according to Cryptonews. The service is not open to everyone. It is available to eligible investors rather than the general public, which reflects BUIDL's institutional focus, Crypto Briefing reported.
The launch follows earlier work between the two companies. The initiative builds on their existing collaboration around BUIDL and USDtb, Ethena's digital dollar product backed primarily by BUIDL, and the firms first announced the $100 million facility in June, The Block reported.
"With this facility now live, we're taking another step toward a financial system where institutional investors can access liquidity when they need it, not just when traditional markets are open," said Carlos Domingo, co-founder and CEO of Securitize.
Tokenized money market funds can move on a blockchain at any time, but redemptions have generally followed traditional market hours. A dedicated pool of stablecoins and fund shares gives holders a defined way in and out outside those hours. Because USDtb is primarily backed by BUIDL, smoother BUIDL liquidity could also help support the usability of that stablecoin, according to Crypto Briefing.
Scale helps explain the interest. BUIDL is described as the largest tokenized money market fund on public blockchains, having gathered $2.5 billion of assets since its March 2024 launch, according to RWA.xyz data cited by Yahoo Finance.The fund is deployed across multiple blockchains, including Ethereum, Solana, BNB Chain and Aptos, and is accepted as collateral on platforms such as Crypto.com and Deribit, TechFlow reported, citing The Block.
One detail differs from earlier reporting. Unchained's June report said holders would be able to move into USDtb as well as USDC, while the November announcement names only USDC.
The Block: Securitize and Ethena's $100 million BlackRock BUIDL liquidity facility goes live
Unchained: Securitize and Ethena open 24/7 BlackRock BUIDL liquidity facility
Yahoo Finance: BlackRock's $2.5B tokenized fund listed as collateral on Binance
