BlackRock’s BUIDL Fund Enables 24/7 Swaps With Ethena’s USDtb Stablecoin

BlackRock’s BUIDL Fund has introduced a significant upgrade, enabling 24/7 swaps with Ethena’s USDtb stablecoin. This integration allows for seamless, permissionless transfers for qualified participants, marking a new milestone in round-the-clock institutional access to tokenized U.S. Treasurys.

According to Securitize, qualified participants onboarded via Securitize can now swap from BUIDL to Ethena Labs’ USDtb permissionlessly, 24/7/365. This breakthrough allows both institutional investors and DeFi users to frictionlessly move capital between a fully-backed onchain Treasury product and a synthetic dollar stablecoin, creating a real-time bridge between traditional yield and crypto-native liquidity.

Launched in March 2024, BlackRock’s BUIDL (USD Institutional Digital Liquidity Fund) remains the largest tokenized Treasury fund on any public blockchain. It became the first institutional-grade onchain fund to surpass $1 billion AUM earlier this year and has since grown to $2.88 billion in total value locked. BUIDL is part of a broader trend where institutional capital is increasingly flowing into tokenized real-world assets (RWAs). The integration with Ethena’s USDtb allows that value to be more fluidly accessed and used within DeFi protocols and stablecoin settlements.

By enabling atomic 24/7 swaps between stablecoins and tokenized Treasury assets, this collaboration between BlackRock (via BUIDL), Securitize, and Ethena Labs paves the way for a more efficient, always-on financial system that blends traditional capital markets with decentralized finance. The move signals how major institutions are leveraging blockchain technology not just for custody or settlement—but for live, programmable liquidity across asset classes.