The collaboration between traditional asset management institutions and on-chain protocols continues to deepen. Ethena announced that its yield-generating synthetic USDe will be integrated into BlackRock's investment management platform, Aladdin, allowing institutional clients to access related products and liquidity arrangements. Following the announcement, ENA rose approximately 8% in the past 24 hours.

Aladdin allows USDe usage

Aladdin is BlackRock's portfolio building, trading, and risk management platform for institutions, including banks, insurance companies, pension funds, and asset management firms. Ethena states that once integrated, platform users can use USDe for on-chain savings and settlement.

Reports indicate that Aladdin covers institutional assets totaling over $20 trillion. This suggests that USDe's integration is not merely a single collaboration, but also signifies that Ethena is attempting to enter a more mature institutional funding ecosystem.

BUIDL included in reserve arrangements

Ethena also stated that BlackRock's tokenized money market fund, BUIDL, will serve as the primary reserve asset for an upcoming white-label product. Both parties also plan to establish liquidity facilities for BlackRock's tokenized products.

This arrangement places stablecoins, tokenized funds, and institutional-grade liquidity support within the same cooperation framework, demonstrating that the collaboration between the two parties has extended from product access to the reserve and settlement levels.

• USDe is a yield-based synthetic dollar issued by Ethena.
• BUIDL is a tokenized money market fund issued by BlackRock.
• The two parties also plan to establish liquidity facilities for tokenized products.

Ethena continues to advance institutional cooperation.

Prior to this, Ethena had already partnered with institutions such as Coinbase, Janus Henderson, and Securitize. The report mentions that Janus Henderson recently made a strategic investment in ENA and plans to use USDe for fund management while exploring the distribution of the token through exchange-traded products.

Ethena previously announced plans to allocate $250 million to Securitize's AAA-rated tokenized collateralized loan certificate fund to expand its presence in the tokenized lending market. Coinbase Ventures has also disclosed its first investment in Ethena and plans to integrate related products into the Coinbase user system.

Traditional asset management accelerates online access

This year, collaborations between traditional asset management institutions and on-chain protocols have continued to increase. In addition to this collaboration, BlackRock has previously expanded its tokenized money market fund portfolio through a partnership with Uniswap; Apollo Global Management has also partnered with lending protocol Morpho to promote the on-chaining of tokenized private lending assets.