Securitize and Ethena (ENA) launched a $100 million liquidity service for BlackRock’s BUIDL fund.

Investors will be able to exchange BUIDL tokens for stablecoins and vice versa outside traditional market hours. The service is supported by Ethena and operated by Securitize.

This is not a redemption of BUIDL at the fund’s value, but an exchange for stablecoins. $100 million is the maximum limit, not an amount already invested: $50 million has been announced at launch ($25 million in USDC and $25 million in BUIDL), with the rest potentially added later.