[Xangle Comment] Securitize and Ethena Launch 24/7 BUIDL Liquidity Facility, and More

 

1. Securitize and Ethena Launch 24/7 Two-Way BUIDL Swaps

Key Developments

• 24/7 swaps between BUIDL and stablecoins: Securitize and Ethena launched a BUIDL liquidity facility on November 12. Eligible investors can exchange BUIDL for supported stablecoins, including USDC, and convert those stablecoins back into BUIDL, including over weekends.
• $50 million initially funded, with up to $100 million in capacity: The facility launched with $25 million each in USDC and BUIDL. As liquidity is used, an additional $50 million can be made available within approximately one hour. Ethena supports the facility, which is operated through Securitize.
• Expanding an existing liquidity partnership: The companies have collaborated around USDtb, which uses BUIDL as its primary reserve asset. The launch puts the liquidity framework announced in June into operation.

 

Xangle Comment | Joey Kim

The partnership highlights how Securitize and Ethena are expanding into liquidity services for institutional tokenized assets. The companies have worked together through USDtb, which uses BUIDL as its primary reserve asset. At the end of September 2026, BUIDL accounted for approximately 98.9% of USDtb's reserves.

Direct dollar redemptions of BUIDL were offered from 8:00 a.m. to 3:00 p.m. New York time on U.S. business days, while conversion into USDC through Circle has been available around the clock since 2024. The new facility adds a separate two-way swap channel supported by Ethena and operated through Securitize, with $50 million initially funded and maximum capacity of $100 million.

Alongside supporting the direct issuance and administration of fund interests and other securities, Securitize has expanded into security-entitlement tokenization through Securitize Stocks, which represents rights to existing listed shares. Following liquidity provision through Jump and investor access through Jupiter, it is now operating a swap facility for an institutional fund, extending its post-issuance trading and distribution infrastructure.

Ethena initially grew around the USDe and sUSDe structure, which combines crypto holdings with short futures positions to reduce directional exposure and draws on funding payments and staking rewards. Following USDtb, it is now providing swap liquidity for institutional funds, broadening its involvement in RWA. As more existing securities and funds are tokenized, demand for stablecoin settlement and swap liquidity could also grow. We expect more collaborations of this kind between crypto companies and financial institutions as they expand into the issuance, trading and liquidity provision of tokenized assets.

 

2. DTCC Announces Solana Integration Plans, Expanding Network Support

Key Developments

• Canton and private Besu supported today: DTCC launched the DTCC Tokenization Service (DTS) on October 28. It enables eligible securities held at DTC to be converted into tokens and transferred between registered wallets.
• Stellar and Arc integrations planned: DTC-tokenized assets are expected to be supported on Stellar in the first half of 2027 and on Circle's Arc in the second half of 2027.
• Solana integration targeted for the second half of 2027: DTCC announced its Solana plans on November 12. The integration is intended to support tokenization and administration of eligible DTC-custodied securities on Solana while preserving existing ownership rights and investor protections.

 

Xangle Comment | Hyeongseok (Erlym)

DTCC launched the DTCC Tokenization Service (DTS) in October. It converts eligible securities held at its subsidiary DTC into tokens that can be transferred between registered wallets. The service currently supports Canton and DTCC's private Besu network, emphasizing privacy and operational controls. Integration with Stellar, a network used for payments and asset issuance, is targeted for the first half of 2027, followed by Circle's financial blockchain Arc in the second half.

DTCC has now added Solana to its integration plans. Solana is a public blockchain that hosts trading, payment and other financial applications, supported by fast transaction processing and low costs. Citing the network's performance, security and governance, DTCC plans to support the tokenization and administration of eligible securities on Solana from the second half of 2027.

While DTS initially focused on bringing securities ownership records and institutional transfers onto blockchain infrastructure, the Solana integration points to a broader market for using those tokenized securities. Solana already has an established user base, substantial liquidity and financial applications spanning trading and lending. DTCC's choice therefore creates opportunities to connect existing securities with financial activity on the network, alongside managing them on infrastructure that meets its performance, security and governance standards.

Assets tokenized by DTCC on supported networks, including Solana once integrated, retain the ownership rights, investor protections and regulatory safeguards of traditional securities. Institutions gain practical benefits when tokenized securities can be used in trading and settlement or pledged to raise financing. If Solana applications build services that incorporate the securities' investor eligibility and transfer rules, institutions could expand those uses while retaining existing rights and protections. The significance of the Solana integration is its potential to extend tokenization from securities records and transfers into asset management within a DeFi ecosystem with an established user base and liquidity.

 

References

• Securitize and Ethena — Launch of the BUIDL 24/7 liquidity facility
• Ethena — USDe and sUSDe structure and revenue sources
• Circle — Launch of 24/7 BUIDL-to-USDC conversion
• Securitize — BUIDL subscription and redemption terms
• Anchorage Digital — USDtb reserve attestation, September 2026
• Securitize — Launch of Securitize Stocks
• Securitize — Collaboration with Jump and Jupiter
• DTCC — DTS goes live
• DTCC — Network and service overview
• DTCC — Stellar integration plans
• Circle — Arc and DTCC integration plans
• DTCC — Solana integration plans
• Securitize — USDtb and BUIDL collaboration overview