Overview
- Securitize announced on Thursday that it is operating a facility supported by Ethena that lets eligible BUIDL holders swap the fund’s tokenized shares into supported stablecoins including USDC and swap back outside normal market hours.
- The program starts with $50 million of initial liquidity split evenly between $25 million in USDC and $25 million in BUIDL and can make up to $50 million more available within about an hour as capacity is used, giving up to $100 million total capacity.
- Access is gated: investors must be approved and whitelisted under the fund’s onboarding rules and transfers still depend on the facility’s operational windows and terms, so round‑the‑clock availability does not guarantee instant or unlimited liquidity.
- The facility provides a practical channel for holders to get stablecoin liquidity over weekends or bank holidays when traditional redemptions and settlement systems are closed, which could reduce wait times for institutions that need onchain cash during those hours.
- This step builds on prior Securitize–Ethena work such as USDtb swaps and UniswapX RFQ listings and is intended as a supplemental plumbing layer, not a full replacement for standard fund redemptions given the $100 million cap versus BUIDL’s larger asset base.