Ethena announced the integration of its synthetic dollar USDe into BlackRock's Aladdin platform, targeting institutional investors who manage over $20 trillion in assets on the system. The move allows institutions to track and analyze USDe within their existing tools. BlackRock's tokenized fund BUIDL will serve as the white-label backing for USDe, deepening the existing relationship between the two firms. BUIDL already backs Ethena's stablecoin USDtb. A new liquidity facility will enable on-chain swaps between BUIDL, USDe, and USDtb. Following the news, Ethena's ENA token surged nearly 10% to around $0.0811, though it remains down 70% year-over-year. The integration faces regulatory headwinds; in April 2025, Germany's BaFin ordered Ethena's local entity to halt USDe issuance under MiCA rules. The true test will be whether institutions actively allocate to USDe or merely monitor it.

Key facts

• USDe integrated into BlackRock's Aladdin platform for over $20 trillion in managed assets.
• BlackRock's BUIDL fund named as white-label backing for USDe.
• New liquidity facility enables on-chain swaps between BUIDL, USDe, and USDtb.
• ENA token rose ~10% on news, but down ~70% over the year.
• Germany's BaFin ordered Ethena to halt USDe issuance under MiCA in April 2025.