Ethena Labs partnered with BlackRock on June 29, integrating its synthetic dollar USDe into BlackRock's Aladdin investment platform for distribution to institutional clients, making it the third crypto asset available to institutional investors on the platform. Following the announcement, Ethena's native token ENA surged 10% at one point, trading at $0.07755 as of June 30.
USDe's Institutional Positioning on Aladdin: Third Crypto Asset in the Sequence
After USDe's addition, the crypto asset sequence on the Aladdin platform is as follows: first is BTC (via IBIT), second is ETH (via ETHA), and third is USDe. Institutional clients using Aladdin can access USDe directly within their existing workflows without needing to set up separate accounts or infrastructure.
USDe is currently the sixth-largest stablecoin by market cap, with a market cap exceeding $4.45 billion according to CoinGecko data. After 500 days since its launch, USDe's market cap reached $14 billion, briefly making it the third-largest stablecoin after USDT and USDC. Affected by the overall decline in DeFi activity since early 2026, the TVL on USDe's chain currently stands at $70 billion (targeting $115 billion in early 2026); April recorded $1.6 billion in redemptions.
Ethena founder Guy Young said in a Monday statement: "The next phase of digital asset adoption will be driven by infrastructure that allows traditional institutions to interact with on-chain financial products through familiar systems and workflows."
Partnership Terms: BUIDL Adoption and $100 Million Liquidity Arrangement
Under the cooperation agreement, Ethena Labs adopts BUIDL as the primary asset for its white-label product. Ethena Labs also provides $100 million in liquidity support through Securitize, the parent company of BlackRock's BUIDL fund. Both terms were disclosed by Ethena Labs in an official statement on Monday.
Securitize SPAC Merger: Shareholders Vote Approved, July 1 Set as Completion Date
According to reports last week, Securitize plans to go public via a SPAC merger, aiming to raise approximately $400 million. Based on public information, the transaction is scheduled to close on July 1, with shareholders having voted in favor. If the shareholder vote passes, the merged company will be listed on the New York Stock Exchange under the ticker SECZ.
Frequently Asked Questions
What is the Aladdin platform, and which institutional clients does USDe target after integration?
Aladdin (Asset, Liability, Debt and Derivative Investment Network) is a portfolio management system developed by BlackRock for internal use and authorized institutional clients, currently tracking approximately $25 trillion in assets. After USDe's integration, institutional clients using Aladdin can access USDe directly within their existing workflows without needing to set up separate accounts or external infrastructure.
What are the fundamental differences between USDe, USDT, and USDC?
USDT and USDC are backed by fiat or short-term U.S. Treasury bills and maintain a 1:1 peg. USDe is a synthetic stablecoin that achieves delta neutrality by holding a long spot position in cryptocurrencies while simultaneously maintaining a short derivatives hedge to maintain its dollar peg; its underlying assets do not include fiat reserves.
What is the current progress and key milestones of the Securitize SPAC merger?
According to publicly available information, the Securitize SPAC merger is planned to close on July 1, 2026, with today's shareholder vote being a precondition for completion. If the vote passes, the merged company will be listed on the New York Stock Exchange under the ticker SECZ. As of this report, the voting results have not yet been announced.
