FinanceBlackRock Enhances DeFi Engagement with Ethena Integration, Boosting ENA by 8%
The partnership incorporates Ethena's yield-generating token into BlackRock's risk management framework and establishes a $100 million liquidity pool for its tokenized money market fund.
By Krisztian Sandor|Edited by Cheyenne LigonUpdated Jun 29, 2026, 2:47 p.m. Published Jun 29, 2026, 2:02 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on
BlackRock logo on a building (Anthony Quintano/CC by 2.0)SummaryShow- BlackRock, the leading global asset manager, is set to integrate Ethena's yield-generating token USDe into its Aladdin risk management system while creating a $100 million liquidity pool for the BUIDL tokenized money market fund.
- Following the announcement, ENA surged by 8% within 24 hours.
- This collaboration comes on the heels of Ethena's recent partnerships with Coinbase, Janus Henderson, and Securitize.
Ethena announced that its yield-generating "synthetic dollar" token will be incorporated into BlackRock's (BLK) Aladdin risk management platform, marking a significant step in Ethena's engagement with conventional financial institutions.
The announcement on Monday led to an 8% increase in the value of Ethena's governance token ENA, as market participants responded positively to this new institutional collaboration.
Aladdin serves as BlackRock's portfolio management and risk assessment tool, utilized by various financial entities managing over $20 trillion in assets collectively.
Additionally, Ethena indicated that BlackRock's tokenized money market fund, BUIDL, will act as the main reserve asset for an upcoming white-label offering.
The two companies also introduced a $100 million liquidity facility, enabling qualified holders of BlackRock's tokenized Treasury fund, BUIDL, to trade their assets for USDC, USDtb, and other supported stablecoins beyond standard market hours, with the option to convert those assets back into BUIDL.
Robert Mitchnick, BlackRock's head of digital assets, stated, "We believe stablecoins and tokenized real-world assets are fundamentally connected. This liquidity facility provides a level of seamless interoperability that is essential for the unique advantages of tokenizing treasury funds."
This collaboration is part of a growing trend of partnerships between major asset managers and decentralized finance platforms.
Earlier this year, BlackRock expanded its tokenized money market fund via a collaboration with Uniswap and invested an undisclosed amount in Uniswap's UNI token. Meanwhile, Apollo Global Management (APO) partnered with lending protocol Morpho to introduce tokenized private credit assets on the blockchain.
Ethena has also been focusing on institutional growth, with asset manager Janus Henderson, which manages approximately $480 billion, recently investing strategically in ENA and planning to utilize USDe for treasury management while exploring distribution of the token via exchange-traded products. Moreover, Ethena announced a $250 million allocation to Securitize's tokenized AAA-rated collateralized loan obligation fund, enhancing its footprint in tokenized credit markets.
Earlier this month, Coinbase Ventures revealed its inaugural investment in Ethena, outlining plans to introduce Ethena's offerings to Coinbase's user base. Ethena is also strengthening its partnership with Anchorage Digital to facilitate institutional lending through Anchorage's collateral management services.
Guy Young, founder of Ethena, remarked, "The next stage of digital asset integration will be propelled by infrastructure that enables conventional institutions to engage with on-chain financial products through familiar processes and systems."
UPDATE (June 29, 14:20 UTC): Adds further detail and comments from Ethena and BlackRock executives.
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