BlackRock adds USDe to its Aladdin investment platform through a formal partnership with Ethena Labs, expanding institutional access to the synthetic dollar through a system used across major portfolios.
The move places Ethena’s USDe inside BlackRock’s portfolio management network, which the firm uses internally and licenses to institutional clients tracking about $25 trillion in assets.
USDe joins Aladdin crypto lineup
The integration reportedly makes USDe the third crypto asset available through Aladdin, following Bitcoin exposure through the iShares Bitcoin Trust and Ether exposure through the iShares Ethereum Trust.
The addition gives institutions another digital asset product inside a platform already familiar to large asset managers, banks, and investment teams.
The distribution plan positions USDe alongside existing crypto exposure without requiring institutions to leave Aladdin’s established investment workflows and processes.
Ethena founder Guy Young said the next stage of digital asset adoption depends on infrastructure that lets traditional institutions use onchain products through familiar systems.
“The next phase of digital asset adoption will be driven by infrastructure that allows traditional institutions to interact with onchain financial products through familiar systems and workflows,” Young said.
Ethena links USDe strategy to BUIDL
Under the partnership, Ethena Labs will adopt BlackRock’s BUIDL as the primary asset for its white-label product, according to the team.
The arrangement also includes a $100 million liquidity facility backed through Securitize, the platform behind BlackRock’s BUIDL fund.
The update comes as Securitize was reportedly preparing to raise about $400 million while pursuing a public listing through a SPAC merger.
That transaction is scheduled to close on July 1, following shareholder approval. If approved, the combined company will trade on the New York Stock Exchange under the ticker SECZ.
The partnership also marks another step in BlackRock’s engagement with digital asset products beyond its spot crypto exchange-traded funds.
USDe differs from fiat-backed stablecoins such as USDT and USDC because it uses crypto collateral and derivatives positions to maintain its dollar peg.
ENA rises as USDe supply contracts
USDe is currently the sixth-largest stablecoin, with a market capitalization above $4.45 billion, according to CoinGecko.
The asset had earlier become one of the fastest-growing stablecoins, reaching $10 billion within 500 days after launch and later climbing to $14 billion, making it the third-largest stablecoin after USDT and USDC.
However, USDe has recently faced outflows as DeFi activity weakened across the broader market.
Total value locked across chains has fallen to $70 billion from $115 billion at the start of 2026. In April, USDe recorded $1.6 billion in redemptions as some whales moved to cover positions during higher borrowing costs on lending platforms.
Ethena’s native token, ENA, briefly jumped 10% after the announcement. It later traded at $0.07894, retaining a 5.6% daily gain.
ENA 24h price chart. Source: Coingecko
