BlackRock Aladdin Deepens Support for Ethena Stablecoin Products

CoinFeed June 29 news, according to The Block report, BlackRock and Ethena Labs announced deeper cooperation, the Aladdin platform will include Ethena stablecoin USDe in its list of supported crypto assets, and provide a $100 million liquidity facility through Securitize to serve BlackRock's BUIDL fund. The new arrangement allows qualified BUIDL clients to exchange BUIDL for stablecoins such as USDC, USDtb during off-market hours and then exchange back to BUIDL, enhancing interoperability between on-chain U.S. Treasury funds and stablecoins. USDe is a synthetic dollar that can generate higher yields, different from USDC and USDT which are backed by fiat reserves. BUIDL currently has a locked position of approximately $3 billion.