Securitize and Ethena Labs have opened a 24/7 atomic swap channel for BUIDL and USDtb.

Financial service provider Securitize and stablecoin developer Ethena Labs announced on June 19 the launch of a 24/7 year-round, instant atomic exchange channel between the tokenized U.S. Treasury Fund BUIDL launched by BlackRock and the stablecoin USDtb. Securitize stated that this not only provides stronger on-chain liquidity but also makes it easier for DeFi applications and institutional investors to access yield-bearing stablecoins.

Securitize announces the launch of USDtb and BUIDL 24/7 atomic swaps

Securitize announced on Twitter on 6/19 (X):

"Through the USDtb liquidity fund, qualified users can, after verification by Securitize, exchange BUIDL for the USDtb stablecoin launched by Ethena Labs at any time and without permission."

Securitize adds that this integration significantly enhances the way institutional investors and DeFi users access on-chain USD assets and its efficiency.

BUIDL is the main reserve for the stablecoin USDtb, and also includes the reserves of USDe.

Ethena Labs launched USDtb at the end of 2023, which is a traditional stablecoin similar to USDC or USDT, with up to 90% of its reserves coming from BlackRock's BUIDL fund, and incorporates algorithmic stablecoin USDe reserves that maintain a peg to the US dollar through derivative strategies to reduce its risk.

According to CoinGecko, the market capitalization of USDtb is approximately 1.45 billion USD.

BlackRock's tokenization of US bond fund BUIDL breaks through 1 billion in assets.

BUIDL is the tokenized product issued by BlackRock in March 2024, and it is currently the largest tokenized U.S. Treasury fund on a public blockchain. BUIDL also became the first on-chain institutional product to exceed $1 billion in assets under management in the same month.

According to DeFiLlama, as of now, the total locked value of BUIDL (TVL) has reached 2.87 billion USD.

Securitize and Ethena Labs jointly launched Converge chain

Securitize and Ethena Labs also jointly launched a public chain called Converge in March this year, designed specifically for tokenized assets and compatible with the Ethereum Virtual Machine (EVM), to deepen the cooperation between the two parties.

Expand on-chain yield-generating stablecoin application scenarios to promote RWA development.

As the scale of BUIDL continues to expand and USDtb establishes a strong reserve system, along with the compliance thresholds of Securitize and the support of the institutional public chain Converge, this time we have launched 24/7 continuous and instant atomic swaps, which not only expands the on-chain yield stablecoin application scenarios but also creates standard examples for the future interoperability of more RWA products.

This article Securitize, Ethena Labs launches BUIDL and USDtb around-the-clock atomic swap channel first appeared on on-chain news ABMedia.