BlackRock’s Aladdin to Integrate Ethena’s USDe as ENA Rises 8%

BlackRock will integrate Ethena’s USDe token into Aladdin, its portfolio construction, trading and risk management platform. The announcement was followed by an approximately 8% daily rise in Ethena’s ENA governance token.

The integration gives institutions using Aladdin access to USDe, which Ethena designed for onchain savings and settlement. Aladdin is used by banks, insurers, pension funds and asset managers overseeing more than $20 trillion in combined assets, extending Ethena’s reach into traditional finance.

Ethena also said BlackRock’s tokenized money market fund, BUIDL, will become the primary reserve asset for a forthcoming white-label product. The companies plan to create a liquidity facility for BlackRock’s tokenized products as well.

The agreement follows other links between asset managers and decentralized finance protocols. BlackRock previously expanded BUIDL through a partnership with Uniswap, while Apollo Global Management agreed to bring tokenized private credit assets onchain through Morpho.

Ethena has also pursued institutional partnerships with Janus Henderson, Securitize, Coinbase Ventures and Anchorage Digital. These initiatives include planned uses of USDe for treasury management, exposure to tokenized credit markets and support for institutional lending.