BlackRock’s BUIDL Fund Now Swappable 24/7 With Ethena’s USDtb in Major DeFi Integration
In a major step forward for real-world asset tokenization, Ethena Labs and Securitize have enabled seamless, 24/7 atomic swaps between BlackRock’s tokenized Treasury fund BUIDL and the synthetic stablecoin USDtb. The integration opens up new, always-on liquidity options for institutional and decentralized finance (DeFi) users alike.
The update means qualified participants onboarded through Securitize can now move between BUIDL and USDtb instantly and without intermediaries—any time of day, all year round.
“This integration enhances how institutions and DeFi users can access on-chain dollars,” Securitize posted on X.
Through the USDtb Liquidity Fund, qualified participants onboarded via Securitize can now swap from BUIDL to @ethena_labs' USDtb permissionlessly, 24/7/365.
— Securitize (@Securitize) June 18, 2025
This integration enhances how institutions and DeFi users can access on-chain dollars.
This isn’t the first collaboration between the two firms. Back in March, Ethena Labs and Securitize jointly launched Converge, an institutional-grade EVM-compatible blockchain designed for tokenized assets. That same month, BlackRock’s BUIDL fund surpassed $1 billion in assets under management, becoming the largest tokenized U.S. Treasury fund on a public blockchain. As of now, BUIDL has grown to $2.88 billion in total value locked, according to DeFi Llama.
USDtb, introduced in December 2024, is distinct from Ethena’s earlier USDe token. While USDe uses derivatives trading to maintain its peg, USDtb is backed predominantly by real-world assets—90% of which come from BUIDL. The result is a more conservative, yield-generating stablecoin aimed at users seeking exposure to U.S. Treasuries without the volatility of crypto-native strategies.
Currently, USDtb holds a market cap of $114 million with a fully diluted valuation of $1.46 billion, according to CoinMarketCap.
By making the transition between tokenized Treasuries and stablecoins frictionless, the Ethena–Securitize integration underscores the growing maturity of digital asset infrastructure—and hints at a future where traditional finance and DeFi are tightly interlinked.