Ethena, Securitize Enable Round-the-Clock Atomic Swaps for Blackrock's BUIDL via USDtb

Institutional Crypto Liquidity Enhanced: BUIDL Now Swappable 24/7 for USDtb

Ethena’s USDtb is a blockchain-based stablecoin pegged 1:1 to the U.S. dollar. It is primarily backed by shares in Blackrock’s USD Institutional Digital Liquidity Fund (BUIDL), a tokenized fund holding short-term U.S. Treasuries, cash, and repurchase agreements.

This backing aims to provide institutional-grade stability. Reserves are secured with institutional custodians including Copper and Coinbase Institutional. The new integration, according to Securitize, allows qualified participants onboarded via Securitize to permissionlessly swap BUIDL tokens for USDtb instantly, 24 hours a day, 365 days a year.

This atomic swap functionality provides “real-time settlement,” Securitize said on X. This capability unlocks significant new liquidity for BUIDL holders. Previously constrained by traditional market hours or redemption processes, BUIDL can now be converted instantly into a widely usable stablecoin.

USDtb, with 1.456 billion units in circulation, is integrated across decentralized finance ( DeFi) protocols and centralized finance (CeFi) platforms. Converting BUIDL to USDtb enables holders to immediately access this broader ecosystem for trading, lending, or collateral use.

The partnership builds on the existing collaboration between Securitize and Ethena Labs. The venture aims to deepen the utility and accessibility of tokenized real-world assets ( RWAs) like U.S. Treasuries within the digital asset ecosystem, particularly benefiting institutional users and DeFi applications requiring constant liquidity.

Securitize stated the move supports its commitment to building secure, programmable infrastructure for institutional finance onchain. “We’re proud to keep expanding what’s possible with onchain Treasury funds,” the company said on Wednesday.