BlackRock adds the synthetic dollar USDe from Ethena to Aladdin, its investment portfolio management platform. This system handles assets of about $25 trillion.
The partnership between Ethena Labs and BlackRock was announced on Monday. Now, USDe should become available to institutional clients through Aladdin. BlackRock uses this platform itself and provides access to large investors.
USDe became the third crypto asset to be added to Aladdin. Previously, the platform already featured bitcoin through iShares Bitcoin Trust (IBIT) and Ethereum through iShares Ethereum Trust (ETHA).
Ethena founder Guy Young believes that the next stage of digital asset adoption will depend on infrastructure. According to him, traditional financial companies need familiar systems that allow them to work with on-chain products without unnecessary complexity.
As part of the deal, Ethena Labs will also use the tokenized fund BUIDL as the main asset for its white-label product. In addition, the company will support a liquidity fund of $100 million through Securitize, the platform on which the BlackRock BUIDL fund operates.
See also: Stablecoins Are Pushing Out ETH in a Weak Market
Securitize, according to media reports, recently prepared to raise about $400 million ahead of a public listing through a merger with a SPAC. The deal is expected to close on July 1 after a shareholder vote. If approved, the combined company will be traded on the New York Stock Exchange under the ticker SECZ.
BlackRock Eyes Synthetic Dollar USDe
USDe currently ranks sixth among the largest stablecoins. Its market capitalization exceeds $4.45 billion, according to CoinGecko data.
USDe is structured differently from USDT and USDC. These stablecoins hold reserves in fiat currency to maintain their peg to the dollar. USDe instead uses crypto collateral and derivative positions, so it is called a synthetic stablecoin.
After launch, USDe grew very quickly. In the first 500 days, its capitalization reached $10 billion and later climbed to $14 billion. At one point, it became the third largest stablecoin after USDT and USDC.
But in recent months, momentum has slowed. Activity in DeFi has decreased, and funds have started to leave USDe. The total TVL across all DeFi protocols also dropped: from about $115 billion at the start of 2026 to $70 billion.
In April, users redeemed about $1.6 billion worth of USDe. Some large holders closed positions due to rising lending rates on credit platforms.
Despite this, the market reacted positively to the news of the USDe and BlackRock partnership. The native token of Ethena briefly rose by about 10% after the announcement. It is now trading around $0.07894 and is up about 5.6% for the day.
ENA price dynamics over the past 24 hours. Source: CoinGecko.
