BlackRock Adds Ethena’s USDe to Risk Management Platform

BlackRock is adding Ethena’s USDe to Aladdin, its institutional risk-management platform used by major asset managers, banks, insurers, and pension funds. The deal also makes BlackRock’s tokenized Treasury fund, BUIDL, the main reserve asset for the stablecoins Ethena deploys as a service for companies.

What's the Scoop?

• More on Aladdin: Aladdin is BlackRock’s portfolio management and risk system. Institutions use it to track assets, model risk, monitor exposure, and manage large portfolios. Adding USDe to Aladdin means institutions using the platform will have a more familiar way to view, track, and manage USDe alongside other assets.
• The BUIDL Piece: BUIDL, BlackRock’s tokenized Treasury fund, already the default collateral for Ethena's institutional USDtb stablecoin, will now also be the main reserve asset for the stablecoins Ethena builds for other companies. BUIDL holds tokenized exposure to short-term Treasuries, cash, and repo agreements.
• The Liquidity Facility: Ethena is also committing a $100 million liquidity facility through Securitize, the regulated transfer agent for BUIDL. The facility lets eligible BUIDL holders swap BUIDL into supported stablecoins, including USDC and USDtb, and move back into BUIDL outside normal market hours.
• Institutional Momentum: Global asset manager Janus Henderson recently made a strategic investment in ENA, Coinbase Ventures disclosed its first Ethena investment alongside a distribution agreement, Kraken was named institutional custodian for USDe reserves, and Anchorage Digital expanded its work with the protocol. All this is to say Ethena's working hard to expand its institutional footprint and it looks like its continuing to pay off.