BlackRock, the world’s largest asset manager, will integrate USDe, a synthetic dollar created by Ethena, into its Aladdin platform. The announcement was made this Monday (29). The news boosted the ENA token by about 8% in 24 hours.
The move brings Ethena even closer to the world of traditional finance. The company has been closing successive deals with major institutions in the financial sector.
What changes with USDe’s entry into BlackRock’s Aladdin?
Aladdin is BlackRock’s portfolio construction, trading, and risk management platform. It is used by banks, insurers, pension funds, and asset managers that collectively oversee more than $20 trillion in assets.
With the integration, these institutions gain access to USDe within Aladdin itself. USDe is Ethena’s yield token, designed for savings and onchain settlement. Onchain means that transactions are recorded directly on the blockchain.
USDe is called synthetic dollar. It is an asset that aims to maintain parity with the US dollar, but without relying on traditional bank reserves.
Excited to announce our collaboration with @Blackrock.
→ Integration of USDe into BlackRock's Aladdin platform
→ BUIDL as the primary asset for our whitelabel product
→ Liquidity facility on BlackRock tokenized products
The integration of USDe on Aladdin provides unique… pic.twitter.com/onP6o8hIpp
— Ethena (@ethena) June 29, 2026
BlackRock’s BUIDL fund becomes the reserve for a new product
Ethena said that BUIDL will serve as the primary reserve asset for a soon-to-be-launched white-label product. BUIDL is BlackRock’s tokenized money market fund. A white-label product is one developed by a company to be used under another company’s brand.
Both companies will also create a $100 million liquidity facility for BlackRock’s tokenized products, operated by Securitize. A liquidity facility is a pool of resources available to ensure redemptions and fast operations, including outside banking hours.
Why is BlackRock betting on DeFi?
The announcement is another in a series of deals between global asset managers and decentralized finance protocols. DeFi is the set of financial services that run directly on the blockchain, without intermediaries such as banks.
Earlier this year, BlackRock expanded its tokenized money market fund in partnership with Uniswap. The asset manager also invested an undisclosed amount in UNI, the decentralized exchange token. Apollo Global Management, in turn, signed an agreement with the Morpho lending protocol to bring tokenized private credit assets to the blockchain.
Ethena accelerates its institutional expansion
Ethena has focused efforts on getting closer to institutions. Janus Henderson, which manages about $480 billion, recently made a strategic investment in ENA. The company plans to use USDe in managing its treasury and is studying ways to distribute the token through exchange-traded products.
Ethena also announced plans to allocate $250 million to Securitize’s tokenized CLO fund, rated AAA. CLO is the English acronym for collateralized loan obligations, a type of security backed by a loan portfolio.
Earlier this month, Coinbase Ventures disclosed its first investment in Ethena. The investment arm of Coinbase wants to take the company’s products to its user base. Ethena also expanded its partnership with Anchorage Digital to support institutional lending.
The article BlackRock integrates Ethena’s synthetic dollar and boosts the ENA token was first seen in BeInCrypto Brazil.