BUIDL gets 24/7 liquidity; market cap $1.66 billion

What did Securitize and Ethena launch?

Securitize and Ethena Labs announced a 24/7 liquidity facility for BlackRock's USD Institutional Digital Liquidity Fund (BUIDL). Ethena supports the facility and Securitize operates it. It went live on November 12, 2026.

The launch follows through on a plan first announced in June. It builds on the firms' existing work on BUIDL and USDtb, Ethena's digital dollar product backed primarily by BUIDL.

How does the facility work?

The facility lets eligible investors trade BUIDL for stablecoins and trade stablecoins back into BUIDL. That includes times when banks and traditional markets are shut, weekends included. It is open to eligible investors, not the general public.

The press release gives the funding detail: "The facility launches with $50 million in initial liquidity, comprising $25 million in USDC and $25 million in BUIDL." Unchained reported that the pool opened with "$50 million and the ability to add the same again within an hour". Securitize adds a caveat: "References to a '$100 million facility' describe its maximum capacity, not the amount continuously funded or immediately available."

So the launch pool is $50 million. The $100 million figure is a ceiling that depends on the refill step.

Securitize CEO Carlos Domingo said the aim is for investors to reach liquidity "when they need it, not just when traditional markets are open".

How big is BUIDL on-chain today?

BUIDL is the BlackRock USD Institutional Digital Liquidity Fund, a tokenized money market fund issued by BlackRock via Securitize. As of November 12, 2026, its market cap is $1.66 billion, by The Migration by Concrete's count. That is 13.7% of the tokenized U.S. Treasury total and ranks 4 of 17 funds. The fund's share price is $1.0000.

Over the last 7 days, BUIDL's market cap changed by -$243.1 million. For scale, the facility's maximum capacity is $100 million. The facility is a way to trade out of the fund and back in. It is not a measure of the fund's size.

Here is where BUIDL sits, by blockchain, from our BUIDL page:

Our count lists two separate Ethereum lines for BUIDL. Figures are as of November 12, 2026.

Where does BUIDL fit among tokenized Treasuries?

As of November 12, 2026, $12.08 billion in tokenized U.S. Treasury funds is on public blockchains in our count. That is 17 funds from 12 issuers, read directly from 20 blockchains. See the full list on our Treasuries page or the tokenized money market fund list.

Ondo's USDY leads with $2.40 billion. Circle's USYC has $2.04 billion. Franklin Templeton's iBENJI has $1.71 billion. BUIDL follows at $1.66 billion. For a fund-by-fund view, read Tokenized U.S. Treasuries, counted fund by fund.

Other trackers report different totals. Some include notes and vaults, or count wrapper tokens on top of the fund they hold. We count only funds whose token addresses the issuer publishes or confirms in writing, and we never count the same dollars twice. Why tokenized Treasury totals differ explains the choices.

What does USDC have to do with it?

USDC is the stablecoin named in the facility. It is issued by Circle. As of November 12, 2026, USDC has a market cap of $67.99 billion in our count, 26.8% of the $253.23 billion in cash-backed dollar stablecoins on public blockchains. See USDC and our stablecoin count.

The facility links two things we count separately. One is a tokenized money market fund. The other is a cash-backed dollar stablecoin. Our counts do not add them together. Each has its own page and its own token addresses.

This follows a pattern we have covered before. Banks and payment firms are adding stablecoin rails, as in PNC's USDC payments. Fund issuers are adding ways to move in and out of their tokens at any hour.

What to watch

• Refill step. Whether the second $50 million is made available as the first is used.
• Terms. The release says the facility's terms may be changed, suspended or terminated.
• BUIDL's market cap. We update our count every 6 hours, using only issuer-confirmed addresses.
• Other stablecoins. Whether more supported stablecoins appear beyond USDC.