BlackRock adds Ethena's USDe to its Aladdin investment platform
DeFi & Yields ·
BlackRock is integrating Ethena's USDe stablecoin into Aladdin, the investment platform it uses to manage an AUM of $25T, according to a blog post.
The integration centers on a $100M facility that allows swaps between BUIDL, BlackRock's tokenized fund, and stablecoins, giving institutional users on Aladdin a path to move between the two. The arrangement pairs Ethena's USDe with BlackRock's BUIDL product, positioning the stablecoin for use inside a platform built for institutional asset management rather than retail crypto trading.
The partnership also extends to whitelabel stablecoin products, with BUIDL serving as backing as Ethena and BlackRock work together on the integration, according to reporting from The Block. This suggests the collaboration goes beyond a simple listing of USDe on Aladdin and into shared infrastructure for issuing stablecoin products to institutional clients.
Multiple accounts describe the integration as "deeper" support for USDe within Aladdin, framing it as an expansion of institutional access to the stablecoin rather than a one-off feature addition. The cluster of coverage — five distinct sources — consistently points to the same core elements: the $100M BUIDL-to-stablecoin facility, the whitelabel product angle, and Aladdin as the point of integration.
What remains unclear is the operational detail behind the $100M facility, including how swaps are priced, settled, or limited, and which institutional clients on Aladdin will have access to the USDe integration at launch. Also unresolved is the scope of the whitelabel stablecoin products mentioned alongside BUIDL — whether these are new offerings built specifically for this partnership or extensions of existing BlackRock or Ethena products. Further detail from BlackRock or Ethena on rollout timing and eligibility would clarify how quickly the integration moves from announcement to active use on Aladdin.