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BlackRock and Ethena Labs announced an expanded partnership on June 29, integrating USDe into Aladdin, BlackRock’s institutional portfolio management and risk analytics system.
Aladdin is used by hundreds of financial institutions, including asset managers, banks, insurers, and pension funds, to track portfolios, model risk, monitor exposure, and manage assets at scale.
By registering USDe as an approved digital asset on Aladdin, institutions using the platform gain direct visibility into Ethena’s synthetic dollar within their existing risk management environment, without requiring new infrastructure or separate wallet access.
For insurers and pension funds in particular, whose mandates restrict them to assets held within approved and tracked systems, the Aladdin listing is the difference between USDe being accessible and it not being accessible at all.
Excited to announce our collaboration with @Blackrock.
→Integration of USDe into BlackRock's Aladdin platform
→BUIDL as the primary asset for our whitelabel product
→Liquidity facility on BlackRock tokenized productsThe integration of USDe on Aladdin provides unique… pic.twitter.com/onP6o8hIpp
— Ethena (@ethena) June 29, 2026
The integration deepens an existing relationship. BlackRock’s tokenized money market fund BUIDL, which holds short-term US Treasurys, cash, and repo agreements, already serves as the default collateral for Ethena’s USDtb stablecoin. Under the expanded deal, BUIDL becomes the primary reserve asset for stablecoins Ethena builds under its white-label product for third parties.
The operational centerpiece of the deal is a $100-million liquidity facility Ethena will provide through Securitize, BUIDL’s regulated transfer agent. Eligible BUIDL clients will be able to exchange BUIDL tokens for supported stablecoins, including USDC (USDC) and USDtb, and convert them back outside regular market hours.
Traditional redemptions from tokenized Treasury funds are constrained by banking hours and settlement cycles. The Securitize facility removes that constraint for BUIDL holders, providing frictionless liquidity between tokenized Treasurys and dollar-equivalent stablecoins around the clock.
Robert Mitchnick, head of digital assets at BlackRock, said the expansion reflects the growing institutional appetite for digital dollar infrastructure that operates alongside, rather than separately from, traditional portfolio management tools.
The Aladdin integration is the highest-profile institutional endorsement Ethena has received but not the only recent one. Janus Henderson made a strategic investment in ENA this year.
Ethena has partnered with Janus Henderson, a $480 billion asset manager, to allocate and support the distribution of their liquid high-quality CLO tokenized funds.
As part of the partnership Janus Henderson has made a strategic investment into Ethena's governance token, will… pic.twitter.com/sJpmBVhAEQ
— Ethena (@ethena) June 9, 2026
Coinbase Ventures disclosed its first Ethena investment alongside a distribution agreement. Kraken was named institutional custodian for USDe reserves. Anchorage Digital, which holds the only Office of the Comptroller of the Currency federal banking charter in crypto, serves as the sole custodian for USDtb.
USDe’s delta-neutral architecture, which generates yield by holding crypto collateral against offsetting short positions on centralized exchanges, distinguishes it from fiat-backed stablecoins such as USDC and Tether’s USDt (USDT). The Aladdin listing does not change that architecture; it changes who can access it.
ENA jumped as much as 12% following the announcement, rising from $0.074 to an intraday high near $0.083 before giving back part of the gains.
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