$100m facility lets BlackRock BUIDL holders swap into USDC 24/7
Why it matters
Tokenised Treasury funds are starting to work like cash, with no wait for market hours to get dollars out. That strengthens the case for treasurers to park idle money in them.
Post to XThe short version
Securitize and Ethena Labs launched a $100m pool on 12 November that lets approved investors in BUIDL, a BlackRock fund holding US government debt, swap their shares for digital dollars at any hour. Normally, getting money out of a fund waits for markets to open. The pool starts with $50m.
Here's what happened. Securitize and Ethena Labs switched on a $100m facility on 12 November that lets eligible investors in BlackRock's BUIDL fund swap their shares for stablecoins, including USDC, around the clock, according to The Block.
BUIDL is a digital version of a fund holding US government debt. Its shares live on a blockchain, but cashing out has usually depended on normal market hours.
The facility starts with $50m, split evenly between BUIDL and USDC. Another $50m can be added within an hour as the first batch is used, The Block reported. It did not say which investors count as eligible, or mention fees.
The two firms first announced the plan in June. Ethena has a direct interest: its own USDtb stablecoin is backed mainly by BUIDL.
Securitize chief executive Carlos Domingo said the facility is the kind of infrastructure that will help bring more of the world's assets onto blockchains.
Where this comes from
Written with AI from the sources above and checked against them before publishing. Here's how we work. This is news, not financial advice. Spotted a mistake? Tell us.
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