Daily Crypto Briefs 
CASABLANCA, Nov. 13, 2026
Securitize and Ethena Labs opened a round-the-clock liquidity facility for BlackRock’s tokenized BUIDL fund Thursday, with up to $100 million in capacity for investors who need to exchange fund shares and stablecoins after banks close.
Eligible investors can use the facility to swap BUIDL for supported stablecoins, including USDC, or move those stablecoins back into the fund. Securitize operates the service, with Ethena supplying liquidity. It began with $50 million in assets on hand.
BUIDL had about $1.55 billion in distributed value across nine public blockchains at 03:19 UTC Friday, RWAWeekly’s fund tracker showed. Ethena’s ENA token closed Thursday’s session at $0.1404, down 3.7% on the day and about 32% from its Oct. 12 close, according to CoinLore.
In the joint launch announcement, Securitize and Ethena said the service would let eligible institutions convert holdings over the weekend without waiting for traditional markets to reopen. The rollout puts into operation a framework the companies first outlined in June.
Ethena
ENASampled daily closes from CoinLore.
BUIDL facility opens with half its maximum capacity
The starting pool is split between $25 million in USDC and $25 million in BUIDL shares. As investors use that liquidity, up to another $50 million can be made available within about an hour, depending on capacity and the facility’s terms.
The amount available for a given swap depends on what is on hand in the asset the investor wants to receive. An investor exchanging fund shares for USDC would initially be drawing from the USDC side of the pool. That starting USDC inventory is equivalent to about 1.6% of the fund’s Friday distributed value. The full $100 million describes the maximum capacity across both sides, including the potential replenishment.
Securitize’s third-quarter presentation identified the institutional share class, BUIDL-I, for the two-way USDC conversions. The launch announcement did not publish a fee schedule, individual order limits or a list of which chains would support the facility.
How Ethena’s facility fits alongside UniswapX
BlackRock introduced BUIDL on Ethereum in March 2024. The fund holds cash, US Treasury bills and repurchase agreements, with shares recorded as tokens. BNY Mellon serves as custodian and administrator, and Securitize acts as transfer agent.
Circle introduced a 24/7 route for holders to transfer BUIDL shares to Circle for USDC in April 2024. In February 2026, Uniswap Labs said eligible investors could use a separate UniswapX trading route that lets market makers quote a price for a swap. The Ethena facility adds a dedicated pool stocked with both assets.
Ethena also uses BUIDL as the main reserve asset behind USDtb, a separate stablecoin issued through Anchorage Digital. The November release explicitly identified USDC as an asset in the new facility and gave no full list of other supported stablecoins.
Weekend USDC access still depends on liquidity
The fund’s listing on RWA.xyz describes business-day cutoffs for bank wires. The new facility gives an eligible investor a way to raise digital dollars before those wires resume. It can also let an investor holding USDC move into the fund over a weekend if shares are available.
As BlackRock expands into other tokenized funds, BUIDL offers a test of how much after-hours access a dedicated pool can provide. The companies said the facility may be unavailable at times and that replenishment could take longer than expected or fail to arrive.
The broader Crypto Fear & Greed Index fell to 20 on Nov. 13 from 28 the previous day, moving into the Extreme Fear range.
Fear & Greed Index
Nov. 13, 2026Securitize and Ethena gave no figures on early transaction volumes or how often they expect the facility to be replenished. The first usage figures would show how much demand the pool can meet when banks are closed.
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Primary sources and further reading
| Source | Title |
|---|---|
| | Securitize and Ethena BUIDL liquidity facility announcement |
| | Securitize third-quarter 2026 earnings presentation |
| | Securitize BUIDL fund overview |
| | Circle's April 2024 BUIDL-to-USDC announcement |
| | Uniswap Labs BUIDL trading announcement |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
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Frequently Asked Questions
What is the BlackRock BUIDL liquidity facility?
It is a service operated through Securitize and supported by Ethena. Eligible investors can exchange shares of BlackRock’s tokenized BUIDL fund for supported stablecoins, including USDC, or exchange supported stablecoins for BUIDL around the clock.
How much liquidity did the BUIDL facility have at launch?
The facility launched with $50 million split equally between USDC and BUIDL. Up to another $50 million may be available within about an hour as the initial liquidity is used, subject to terms and availability.
Can anyone swap USDC for BlackRock BUIDL?
Access is limited to eligible investors. Securitize and Ethena did not publish a new eligibility checklist, a full list of supported blockchains or a fee schedule in their November 12 announcement.
Can BUIDL holders get USDC on weekends?
Eligible BUIDL holders can use the facility to exchange fund shares for USDC outside traditional market hours, including weekends, subject to available liquidity and the facility’s terms.