Securitize Corp., a leader in tokenized assets, and Ethena Labs have launched a $100 million, around-the-clock liquidity facility for BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), the world's largest asset manager's first tokenized fund. Introduced in March 2024, BUIDL has since grown into one of the largest tokenized Treasury products. Supported by Ethena and operated through Securitize, the facility enables eligible investors to exchange BUIDL for supported stablecoins, including USDC, or convert those stablecoins back into BUIDL, at any time — including outside traditional market hours.

The launch fulfills a liquidity facility framework unveiled in June as part of an expanded collaboration between Ethena and BlackRock.

While tokenized assets can move across blockchain networks around the clock, liquidity in traditional financial markets remains constrained by banking hours and settlement infrastructure. The mismatch is most visible on weekends and holidays, when banks and settlement systems are closed while onchain markets and dollar-pegged stablecoins continue to trade. Since BUIDL holds cash-equivalent assets such as U.S. Treasury securities, the arrangement effectively links tokenized Treasury exposure to onchain dollars. The new facility is designed to help bridge that gap, allowing eligible investors to access liquidity over weekends without waiting for traditional markets to reopen.

"Tokenization is about more than putting assets onchain. It's about making those assets more useful," said Carlos Domingo, Co-Founder and CEO of Securitize. "With this facility now live, we're taking another step toward a financial system where institutional investors can access liquidity when they need it, not just when traditional markets are open. That's the infrastructure we believe will help bring more of the world's assets onchain."

"Digital assets operate around the clock, and institutional liquidity needs to keep pace," said Guy Young, Founder of Ethena Labs. "By bringing this facility online with Securitize, we're helping close the gap between traditional market hours and the always-on nature of blockchain markets. It's another important step in making tokenized assets more useful for institutional participants."

The facility goes live with $50 million in initial liquidity, split evenly between $25 million in USDC and $25 million in BUIDL. As liquidity is utilized, an additional $50 million can be made available within an hour, bringing the facility's total capacity to $100 million. This replenishment mechanism is designed to provide continuous access to liquidity as eligible investors move between BUIDL and stablecoins outside traditional market hours.

The initiative builds on Securitize and Ethena's existing collaboration around BUIDL and USDtb, Ethena's digital dollar product backed primarily by BUIDL. Together, the two companies are expanding the infrastructure that connects institutional tokenized financial products with onchain dollar liquidity. How heavily the one-hour replenishment mechanism is drawn on weekends and holidays — when conventional liquidity channels sit idle — will be an early measure of institutional demand for always-on fund liquidity.