Financial service provider Securitize and stablecoin developer Ethena Labs announced on June 19 the opening of a 24/7 instant atomic swap 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 more convenient for DeFi applications and institutional investors to access yield-generating stablecoins.
Securitize announced the launch of 24/7 atomic swaps between USDtb and BUIDL.
Securitize announced on Twitter (X) on June 19:
"Through the USDtb liquidity fund, qualified users can exchange BUIDL for the USDtb stablecoin launched by Ethena Labs at any time, without permission, after verification by Securitize."
Securitize added that this integration significantly enhances the way and efficiency for institutional investors and DeFi users to access on-chain U.S. dollar assets.
BUIDL serves as the main reserve for the stablecoin USDtb, which also includes reserves from USDe.
Ethena Labs launched USDtb at the end of 2023. This is a traditional stablecoin similar to USDC or USDT, with up to 90% of its reserves coming from BlackRock's BUIDL fund. It also incorporates the algorithmic stablecoin USDe reserves, which maintain a peg to the U.S. dollar through derivative strategies to reduce its risk.
According to CoinGecko, the market capitalization of USDtb is approximately $1.45 billion.
The BlackRock tokenized U.S. Treasury fund BUIDL has surpassed $1 billion in assets.
BUIDL is the tokenized product issued by BlackRock in March 2024 and is currently the largest tokenized U.S. Treasury fund on a public chain. In the same month, BUIDL also became the first on-chain institutional-grade product to surpass $1 billion in assets under management.
According to DeFiLlama, as of now, the total value locked (TVL) of BUIDL has reached $2.87 billion.
Securitize and Ethena Labs co-launched the Converge chain
Securitize and Ethena Labs also co-launched a public chain named Converge in March this year, designed specifically for tokenized assets and compatible with the Ethereum Virtual Machine (EVM), to deepen their cooperation.
Expanding on-chain yield-generating stablecoin application scenarios, promoting RWA development
As the scale of BUIDL continues to expand and USDtb establishes a strong reserve system, alongside the compliance thresholds of Securitize and the support of the institutional public chain Converge, this opening of a 24/7 uninterrupted, instant atomic swap not only expands the application scenarios for on-chain yield-generating stablecoins but also creates a standard example for the interoperability of more RWA products in the future.
This article 'Securitize and Ethena Labs open 24/7 atomic swap channel between BUIDL and USDtb' first appeared in Chain News ABMedia.