Securitize and Ethena Labs launched a round-the-clock facility that lets eligible investors swap shares of BlackRock's tokenized BUIDL fund for stablecoins and back. The advertised $100 million is maximum capacity, and the facility starts with $50 million.
Securitize and Ethena Labs launched a round-the-clock facility for eligible investors to exchange shares of BlackRock's tokenized BUIDL fund for stablecoins, including USDC, and back again. The $100 million size is maximum capacity, not cash continuously available to sellers.
Facility starts with $50 million
The facility opens with $50 million split equally between USDC and BUIDL, according to Securitize's Nov. 12 announcement. Up to another $50 million may become available within approximately an hour, subject to terms, capacity and availability.
Securitize operates the facility, and Ethena supports it. It lets eligible investors swap outside traditional market hours, including weekends. The launch puts into operation a framework announced in June, rather than introducing unrestricted redemption of the entire fund.
Ethena's stake in BUIDL liquidity
The two companies have worked together before. According to Crypto Briefing, USDtb is primarily backed by BUIDL shares, which gives Ethena a direct stake in how easily BUIDL can be bought and sold.
BUIDL holders already had another route out. In April 2024, Circle announced a smart contract that lets investors transfer BUIDL shares to Circle for USDC on the secondary market.
Limits on access and terms
Access remains limited to eligible investors. Securitize's launch release names USDC but gives no complete list of supported stablecoins, facility-specific eligibility criteria, swap fees or minimum transaction sizes.
Securitize also cautioned that additional liquidity might not arrive when expected or at all. It said the facility's terms could be changed, suspended or terminated.
Sources: The Defiant, Crypto Briefing
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