It sounds like a full $100 million is already ready—but first, let’s look at the limits.
At 22:00 Beijing time on November 12, Securitize, the asset-tokenization firm, officially announced that it had launched a 24/7 liquidity channel for BlackRock’s BUIDL together with Ethena. BUIDL is a fund through which BlackRock puts U.S. Treasury bills on-chain as shares. The official announcement stated that $100 million is the maximum capacity, with $50 million initially available—half in USDC and half in BUIDL. Once that is used, another tranche can be added within about an hour, bringing it up to the maximum. Only eligible holders can exchange BUIDL for stablecoins such as USDC, or vice versa, after traditional markets close. Ethena also confirmed the news around the same time.
It’s easy to read the $100 million in the headline as meaning that the entire amount is already in the pool and anyone can use it. The key points are who can access it and how much is actually available now. This channel is for eligible holders, and only half the capacity is available to start with.
For now, watch over the next few days to see whether exchanges outside trading hours actually go through, and whether the official capacity is changed or the service is paused. If the arrangement is withdrawn, the capacity is reduced, or exchanges can’t actually be completed, then this channel has only just opened.
$ENA
#ENA #Ethena #cryptocurrency
At 22:00 Beijing time on November 12, Securitize, the asset-tokenization firm, officially announced that it had launched a 24/7 liquidity channel for BlackRock’s BUIDL together with Ethena. BUIDL is a fund through which BlackRock puts U.S. Treasury bills on-chain as shares. The official announcement stated that $100 million is the maximum capacity, with $50 million initially available—half in USDC and half in BUIDL. Once that is used, another tranche can be added within about an hour, bringing it up to the maximum. Only eligible holders can exchange BUIDL for stablecoins such as USDC, or vice versa, after traditional markets close. Ethena also confirmed the news around the same time.
It’s easy to read the $100 million in the headline as meaning that the entire amount is already in the pool and anyone can use it. The key points are who can access it and how much is actually available now. This channel is for eligible holders, and only half the capacity is available to start with.
For now, watch over the next few days to see whether exchanges outside trading hours actually go through, and whether the official capacity is changed or the service is paused. If the arrangement is withdrawn, the capacity is reduced, or exchanges can’t actually be completed, then this channel has only just opened.
$ENA
#ENA #Ethena #cryptocurrency
