Securitize launches BUIDL liquidity facility with up to $100M capacity

Securitize announced the facility on Nov. 12, with Ethena supporting the service. It is designed to let approved investors trade BUIDL fund tokens for stablecoins—and exchange stablecoins back into BUIDL—without waiting for banking and settlement systems to reopen.

The initial pool contains $25 million in USDC and $25 million in BUIDL, according to Securitize. The additional liquidity is subject to the facility’s terms, capacity and availability. The $100 million figure is the maximum capacity, not $100 million in stablecoins continuously available for withdrawal. Securitize’s disclosure also says access depends on eligibility, supported transaction periods and operational requirements; around-the-clock service does not guarantee immediate execution or full capacity at all times.

RWA.xyz showed BUIDL’s total asset value at approximately $1.66 billion when checked for this report. The facility’s maximum capacity is about 6% of that value, while its initial USDC inventory is around 1.5%; both comparisons change as the fund’s value shifts. RWA.xyz lists BUIDL for U.S. qualified purchasers. Investors must complete identity checks and subscription agreements and receive transfer-agent approval before being whitelisted.

Ethena Labs founder Guy Young said in a statement shared by Securitize: “Digital assets operate around the clock, and institutional liquidity needs to keep pace.” He said the arrangement could narrow the gap between traditional market hours and blockchain markets.

The companies previously enabled qualified, Securitize-onboarded users to swap between BUIDL and Ethena’s USDtb through a liquidity-fund smart contract. That capability was introduced on June 18, as reported in June 2025. Ethena’s USDtb is backed primarily by BUIDL; a $200 million allocation in March 2025 helped lift the fund above $1 billion in assets. BUIDL provides exposure to cash, U.S. Treasuries and repurchase agreements through tokenized fund shares.

Other liquidity and collateral arrangements are also in place. In February, Securitize and Uniswap Labs introduced BUIDL trading through UniswapX, using requests for quotes from approved participants Flowdesk, Tokka Labs and Wintermute, with trades settling atomically onchain. In October, BlackRock Asia Pacific cash-management head Dan Maley discussed using tokenized fund holdings as collateral in traditional markets, while noting the challenges of extending digital-asset arrangements into conventional finance. In November 2025, Securitize said eligible Binance traders could use BUIDL as off-exchange collateral.