Securitize and Ethena launch 24/7 BlackRock BUIDL liquidity pool with $50 million funded for token swaps

Securitize and Ethena have opened a new 24/7 liquidity facility connected to BlackRock’s BUIDL tokenized fund, according to a report published by Unchained Crypto. The pool is intended to support trading activity outside traditional market hours, including weekends, by enabling swaps between BUIDL and USDC, a widely used dollar-pegged stablecoin.

The facility is described as starting with $50 million already funded. That upfront amount is earmarked for “weekend and after-hours swaps” that match buy and sell demand for BUIDL exposure against USDC, using an automated liquidity framework rather than relying on standard trading windows.

The reporting also says a matching $50 million can be added quickly after the initial funding, with the second tranche available within an hour. The goal, as outlined in the post, is to maintain liquidity during periods when normal financial market infrastructure may be less active or less reliable for digital asset market makers.

BlackRock’s role in the arrangement is tied to BUIDL, which is BlackRock’s tokenized fund product. Tokenized fund products convert fund exposure into blockchain-based tokens, which participants can transfer more easily than traditional shares. BlackRock’s deeper involvement in the mechanics of this particular liquidity pool, beyond providing the underlying BUIDL product, was not detailed in the report.

Securitize is positioned in the announcement as an infrastructure provider for issuing, managing, or distributing tokenized fund products, while Ethena is described as the counterparty partner for operating swap functionality with USDC. Together, the companies are effectively building a constant-liquidity marketplace for a specific pair of assets: BUIDL and USDC.

For investors and market participants, a key practical value of “24/7” liquidity is smoothing trade execution when demand spikes during off-hours. Traditional market structure generally pauses or slows during evenings, nights, and weekends, which can widen bid-ask spreads in many instruments. By contrast, the liquidity pool described in the post is designed to remain open continuously and to add funds rapidly if capacity is reached.

Still, several operational details were not provided in the reporting. The post does not specify the size of any swap fees, the exact swap contract or routing logic, whether liquidity is provided by the partners directly or through a third-party market-making layer, or the conditions under which the “within an hour” top-up occurs. It also does not describe how the system handles large trades that exceed available pool capacity.

What to watch next is whether the facility’s funding mechanism and uptime remain stable as weekend activity increases, and whether additional liquidity tranches are announced after the initial $100 million potential capacity described in the report. Market observers will also look for clarity on how the facility’s operations interact with the broader ecosystem around BlackRock’s BUIDL product, including any constraints around token redemption or custody workflows that could affect user settlement.