BlackRock Adds Ethena's Synthetic Dollar Token to Aladdin Platform
BlackRock is expanding its Aladdin platform to support Ethena's synthetic dollar token, USDe. This move will allow institutional investors using Aladdin to track and evaluate USDe without leaving their familiar infrastructure.
The addition of USDe to Aladdin comes with a $100 million liquidity facility provided by Ethena, which will be managed through Securitize's platform. This facility will enable eligible clients holding BlackRock's tokenized Treasury fund, BUIDL, to exchange it for other supported stablecoins and later convert those stablecoins back into BUIDL outside normal trading hours.
Robert Mitchnick, BlackRock's global head of digital assets, described the arrangement as delivering 'frictionless movement between tokenized funds and digital dollars.' He noted that this kind of interoperability is central to making tokenizing a Treasury fund useful in the first place.