The world’s largest asset manager, BlackRock, is integrating Ethena’s USDe into its Aladdin investment platform, a move that would boost liquidity on the platform. The ENA price has climbed on the back of this development, bucking the crypto market’s downtrend.
BlackRock Expands Partnership With Ethena With USDe Integration
In an X post, Ethena announced its latest collaboration with BlackRock, involving the integration of USDe into the asset manager’s Aladdin platform. The crypto project noted that the integration provides unique institutional access for the over $20 trillion of assets managed by financial institutions on Aladdin.
As part of the collaboration, BlackRock’s BUIDL will serve as the primary asset for the crypto project’s whitelabel product. It is worth noting that both firms already have an existing partnership with the USDtb stablecoin, primarily backed by BUIDL.
Meanwhile, Ethena will support a liquidity facility on BlackRock’s tokenized products. This latest partnership with BlackRock continues a streak of recent deals that the crypto project has struck involving the USDe stablecoin.
As CoinGape reported earlier this month, Ethena signed two major investment deals for the stablecoin. The company selected Centrifuge as its tokenization partner while it partnered with global asset manager Janus Henderson. Janus Henderson is investing in Ethena’s governance token, ENA, as part of the partnership.
ENA Price Climbs Following Announcement
The ENA price surged to as high as $0.0854 following the announcement of Ethena’s latest collaboration with BlackRock. The governance token is still up 4%, trading at around $0.0805, according to TradingView data.
The Ethena token is up despite the current downtrend in the crypto market, with the Bitcoin price trading below $60,000. The latest partnership with BlackRock is bullish for ENA as the crypto project features a fee-switch mechanism, in which a portion of revenue generated is used to buy back the token.
The founder of ENA Treasury Company, StablecoinX, Ted Chen, highlighted how massive the USDe integration into Aladdin is. He noted that insurers, pension funds, and asset managers, including financial giants like Deutsche Bank and Citi, use the platform.
“That’s over $20 trillion in assets that these managers have on the Aladdin platform. Now, all of these managers will have the ability to not only allocate to USDe, but also seamlessly integrate it into their existing portfolio management and risk analytics processes,” he added.
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