Securitize, Ethena Open BUIDL Facility With $100M Capacity

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. Its advertised $100 million size is maximum capacity—not cash continuously available to sellers.

The facility starts 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.

Ethena supports the facility, which Securitize operates. It lets eligible investors exchange between fund shares and supported stablecoins 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.

BUIDL, short for BlackRock USD Institutional Digital Liquidity Fund, invests in cash, U.S. Treasury bills and repurchase agreements. Its original fund announcement described transfers between pre-approved investors. A token’s ability to move at any hour is distinct from the availability of a buyer willing to exchange it for spendable stablecoins.

“Digital assets operate around the clock, and institutional liquidity needs to keep pace,” Ethena Labs founder Guy Young said in the launch announcement.

Added Liquidity, Not the First 24/7 Exit

BUIDL holders already had a route to exchange shares for $USDC outside market hours. In April 2024, Circle announced a smart contract allowing investors to transfer BUIDL shares to Circle for $USDC on the secondary market, describing it as a near-instant, 24/7 off-ramp.

The new facility adds an Ethena-supported channel that explicitly works in both directions. Its capacity and replenishment conditions matter alongside its hours: the initial $USDC allocation is $25 million, not $100 million.

Access remains limited to eligible investors. Securitize’s launch release names $USDC but does not give a complete list of supported stablecoins, facility-specific eligibility criteria, swap fees or minimum transaction sizes. It also does not identify the precise funding entity behind Ethena’s support or specify the settlement time for an individual swap. The roughly one-hour provision concerns additional liquidity, not a promised settlement deadline for every trade.

Securitize cautioned that additional liquidity might not arrive when expected or at all, and that facility terms could be changed, suspended or terminated.