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BlackRock’s Aladdin platform, the portfolio management system that oversees trillions in assets for institutional clients worldwide, is expanding its support for Ethena’s stablecoin products.
The BlackRock-Ethena pipeline
Ethena Labs launched its USDtb stablecoin in December 2024. Unlike its original synthetic dollar product, USDe, which uses derivatives-based yield strategies, USDtb was designed as something more conservative: a reserve-backed stablecoin with over 90% of its reserves held in BlackRock’s BUIDL fund.
BUIDL is a tokenized money market fund that BlackRock launched through Securitize, giving holders exposure to short-term US government debt through a digital token.
When Ethena allocated $200 million into BUIDL, it helped push the fund’s total assets under management past the $1 billion mark.
Why Aladdin matters more than you think
Aladdin handles risk analytics, trading, and operations for BlackRock’s own portfolios and those of hundreds of external clients. In 2025, the platform integrated with Talos, a digital asset trading infrastructure provider.
Ethena’s stablecoin ecosystem in context
USDe, the original product, is a synthetic dollar that generates yield through delta-neutral strategies involving staked Ethereum and derivatives positions. It historically peaked above $14 billion in supply.
USDtb has secured listings on major platforms, including Bybit, where it has been offered with yield rates around 5% APR. Ethena has also partnered with Anchorage Digital to establish a regulatory-compliant pathway for USDtb.
Ethena has been collaborating with the Sui blockchain on products called USDi and suiUSDe, broadening the multi-chain footprint of its stablecoin ecosystem.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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