The post Ethena Now Holds $1.29B of BlackRock’s BUIDL Tokens appeared on BitcoinEthereumNews.com.

Ethena Labs minted $225M in BUIDL tokens, pushing its total holdings to $1.29 billion. Over 90% of USDe’s backing now comes from BlackRock’s tokenized BUIDL fund. Ethena Labs has minted an additional $225 million worth of BUIDL tokens from BlackRock. With this minting, Ethena’s total ownership of BUIDL has now reached $1.29 billion, according to Arkham. The BUIDL token itself is a tokenized version of a money market fund managed by BlackRock, containing assets such as cash, short-term US government bonds, and repo agreements. This token was launched through a collaboration between BlackRock and Securitize. ETHENA NOW HOLDS OVER $1B OF BLACKROCK BUIDL TOKENS ETHENA JUST MINTED $225M BUIDL-I CLASS pic.twitter.com/HRmuO6fuyP — Arkham (@arkham) March 25, 2025 When Over 90% Comes from One Basket USDe, Ethena’s synthetic stablecoin, is now backed by $1.4 billion in assets. And interestingly, more than 90% of it actually comes from the BUIDL token itself. The rest comes from Tether (USDT) and USD Coin (USDC). It can be said that Ethena now relies on the performance of the BlackRock token for USDe’s life. On the one hand, this gives them a strong foundation because they are supported by clear and legal instruments. But on the other hand, this kind of dependence can also be a headache if at any time there is a change in policy from their partners. For example, Ethena GmbH, a subsidiary of Ethena Labs based in Germany, was recently banned by BaFin—the German financial regulator. CNF reported that BaFin prohibited them from offering the USDe stablecoin publicly in the region. As a result, since then, the distribution of USDe in Germany has officially stopped. Riding the Wave of Tokenized Treasuries The background to Ethena’s aggressive move can be understood if we look at the current market conditions. Tokenization of US government…

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Filed under: News - @ March 26, 2025 7:27 pm