Securitize and Ethena Labs launched a $100 million liquidity facility for BlackRock's BUIDL fund on November 12. Through the new service, eligible investors can exchange fund tokens for supported stablecoins, including USDC, outside regular market hours, and the facility also supports conversions back into BUIDL.

Securitize manages the facility, while Ethena supports it with liquidity services. The stated objective is to help investors obtain money when banks are shut. The two firms unveiled the center after laying out detailed plans in June.

Announcing the launch on X, Ethena wrote:

Securitize has launched a liquidity facility for BlackRock's BUIDL, supported by Ethena. Eligible BUIDL holders can now access up to $100m of liquidity 24/7 within 1hr, without waiting for traditional markets to reopen. The facility is supported by @Ethena and operated by… pic.twitter.com/rui1STfYeR

— Ethena (@ethena) November 12, 2026

How the $100M Facility Is Funded

Securitize provided $50 million in starting liquidity across two different assets. The initial liquidity comprises $25 million in USDC and an additional $25 million in BUIDL, and participants can trade between the two assets using the new product. A further $50 million becomes available after one hour as a result of trading from the initial liquidity pool.

According to Securitize, the amount of additional liquidity available is subject to the terms of the facility, capacity, and availability. The facility's $100 million maximum capacity does not mean that amount exists in cash or stablecoin form: the initial USDC liquidity stands at $25 million, while the remaining $75 million is in the form of fund tokens. The company did not state that all requested trades will be completed instantly.

The facility's risk disclosure mentions risks associated with third parties, stablecoins, BUIDL, and blockchains. Changes in the terms of the facility, along with its suspension or termination, are among the listed risks. For anyone tracking the service, those disclosures are the practical gauge of how much liquidity is accessible at any given moment.

What Weekend Liquidity Means for BUIDL Holders

BlackRock completed the launch of BUIDL in March 2024 as a tokenized investment fund. Cash, U.S. Treasury securities, and repurchase agreements make up its investment portfolio, and blockchain tokens reflect ownership of fund shares by authorized investors.

Those blockchain tokens can travel through supported networks outside normal banking hours, meaning ownership can change hands on-chain around the clock. Nevertheless, cash settlement is done through financial institutions that keep regular operating schedules, leaving a timing gap between on-chain activity and the banking calendar. Stablecoins such as USDC run on those same always-on blockchain networks, which is what makes them usable as a cash substitute while banks are closed. The new facility offers an alternative channel between BUIDL and stablecoins, and Securitize says the combination is meant to solve this time difference problem.

Guy Young, the founder of Ethena, said institutional liquidity should be able to match digital assets that operate 24/7. He called the arrangement a bridging of blockchain marketplaces and traditional finance.

According to RWA.xyz data at the time of writing, BUIDL was valued at approximately $1.66 billion. Based on that figure, the maximum liquidity facility size is roughly 6% of the fund's worth, while the initial USDC balance represents about 1.5% of it. While the fund's value may vary, the liquidity facility has the ability to replenish its liquidity, and the calculations do not take into account any additional trading or redemption options.

Investor onboarding is required for BUIDL in order to be allowed to own fund shares. At the moment, according to RWA.xyz, U.S. qualified purchasers are among the investors who have access. Because BUIDL ownership itself requires onboarding, the facility's reach is tied to that eligible holder base rather than the general public.

Securitize Builds on Earlier Ethena and Uniswap Deals

The launch follows an agreement made between BlackRock and Ethena in June 2026. That agreement announced the same $100 million facility, as well as an increase in Ethena's support of the products via BlackRock's Aladdin platform. The November announcement confirms that the facility has gone live.

Previously, in June 2025, Securitize announced on X that it and Ethena had enabled swaps between BUIDL and USDtb. The swap allowed qualified, onboarded traders to exchange their BUIDL tokens for Ethena's stablecoin using a smart contract, and USDtb uses BUIDL as one of the main assets held in its reserves.

In February 2026, Securitize entered into a partnership with Uniswap Labs, offering another trading avenue. The UniswapX integration enables qualified BUIDL investors to trade with selected liquidity providers such as Flowdesk, Tokka Labs, and Wintermute, using a request-for-quote method and on-chain settlement.

The company also announced an agreement in November 2025 allowing qualified Binance traders to use BUIDL for off-exchange collateralization services. In that arrangement, trading positions are facilitated rather than stablecoin conversion.