- Ethena Labs shaped $ 225 million in Buidl token and thus increased its total stock to $ 1.29 billion.
- More than 90% of the Usde inventory now comes from the tokenized Buidl Fund from Blackrock.
Ethena Labs has shaped another $ 225 million of Blackrock Buidl token. With this embossing, the total ownership of Ethena to Buidl has loud Arkham Now $ 1.29 billion.
The Buidl token itself is a tokenized version of Blackrock managed by Blackrock, which contains assets such as cash, short-term US state bonds and repo agreements. This token was launched as part of a collaboration between Blackrock and Securitize.
ETHENA NOW HOLDS OVER $1B OF BLACKROCK BUIDL TOKENS
ETHENA JUST MINTED $225M BUIDL-I CLASS pic.twitter.com/HRmuO6fuyP
– Arkham (@arkham) March 25, 2025
When more than 90% come from a basket
Usde, the synthetic stable coin from Ethena, is now underlaid at $ 1.4 billion in assets. And interestingly, more than 90 % of it comes from the Buidl token itself. The rest comes from Tether (USDT) and USD Coin (USDC).
One can say that Ethena is now dependent on the performance of the Blackrock token in order to keep Usde alive. On the one hand, this gives you a strong basis because you are supported by clear and legal instruments. On the other hand, this type of dependency can also prepare a headache if the politicians of the partners change at some point.
For example, Ethena GmbH, a subsidiary of Ethena Labs based in Germany, was recently banned by Bafin, the German Financial Supervisory Authority. CNF reported that BaFin prohibited them from publicly offering Usde Stablecoin in the region. As a result, the distribution of Usde in Germany has been officially discontinued since then.
Ride on the wave of the tokenized treasuries
The background of ethenas aggressive step can be understood when we look at the current market conditions. The tokenization of assets based on US state bonds is trendy. The market capitalization of this sector has reached $ 5.2 billion. The average return is 4.34 %, which is quite attractive compared to lower savings interest.
Ethena could take advantage of this dynamic. At a time when many small investors have difficulty finding access to “reputable” financial instruments, Ethena tries to beat a bridge between the world of traditional finances and defi. You know that people are not only looking for “prominent” cryptocurrencies on X, but also for assets that can achieve real returns.
As Etena plans to open defi for everyone
In March, Ethena Labs and Securitize also announced the introduction of a new blockchain called Converge. This blockchain will be compatible with the Ethereum Virtual Machine and is intended to enable small investors to access defi applications and institutional products.
When we compare it, Converge is like a new toll road that connects the city of Defi with the city of Wall Street. Everyone can pass it as long as they know the route.
At the editorial deadline, ENA’s course was around $ 0.4242, which corresponds to an increase of 1.96 % in the last 24 hours and 14.88 % in the last 7 days.
Emirates NBD Bank cooperates with Blackrock
Interestingly, it is not just Ethena that blackrock is getting closer. The Emirates NBD Bank, based in Dubai, has also entered into a partnership with the giant wealth management giant. The aim is to give your asset management customers access to alternative asset classes.
The focus is on private markets, including private loans and multi-alternatives. This is a sign that the traditional financial world also begins to adopt a defi structure-of course in a separate version with a “more official” taste.
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