BlackRock Fuels 10% Surge for Ethena as USDe Joins $25 Trillion Aladdin Platform

Ethena says it has integrated USDe, its synthetic dollar, into BlackRock’s Aladdin platform. The move targets the institutions that run portfolios and risk on the system.

The announcement also named BlackRock’s tokenized fund as the white-label backing. BlackRock has not published a matching statement.

USDe Gains a Path to Aladdin’s Institutions

USDe is one of the larger dollar-pegged tokens, with a supply near $4.5 billion as of June 29. It holds its peg with a delta-neutral strategy that pairs staked Ether (ETH) with short perpetual futures. That structure sits at the core of Ethena’s synthetic dollar model.

Ethena pitched the integration as institutional distribution. Its post pointed to the scale of capital that Aladdin already touches.

“The integration of USDe on Aladdin provides unique institutional access for the >$20 trillion of assets managed by financial institutions on Aladdin,” Ethena wrote in the announcement.

Follow us on X to get the latest news as it happens

BlackRock does not publish a single Aladdin asset figure, so that scale reflects the company’s own claim.

Native support would let those institutions track and analyze USDe inside tools they already run. For now, Ethena has not detailed how deep the integration goes.

BUIDL Deepens an Existing BlackRock Tie

The relationship is not new. BUIDL, the BlackRock USD Institutional Digital Liquidity Fund, launched in March 2024 and ranks among BlackRock’s largest tokenized funds.

BUIDL already provides most of the reserves behind USDtb, the stablecoin backed by BUIDL that Ethena launched in late 2024. Naming it the primary asset for a white-label product lets other firms issue branded versions of Ethena’s dollars.

A new liquidity facility will connect BUIDL with USDe and USDtb for on-chain transactions. It builds on earlier work with Securitize that enabled around-the-clock swaps between the fund and Ethena’s tokens.

Ethena’s ENA token rose on the news, rising almost 10% in the immediate aftermath of the news, with the token near $0.0811 as of this wrting.

The bounce stands against a steep slide. ENA has fallen about 17% in a week and roughly 70% over the year.

The reaction echoes earlier institutional deals. An investment from a Wall Street asset manager lifted ENA before.

However, USDe still carries regulatory baggage. In April 2025, Germany’s BaFin ordered Ethena’s local entity to wind down USDe issuance. It was the regulator’s first action under the EU’s MiCA rules.

Whether Aladdin’s institutions allocate to USDe, rather than simply monitor it, will be the clearer test in the coming weeks.