Athena said its dividend-generating “synthetic dollar” token will be integrated into BlackRock’s ( BLK ) Aladdin risk management platform as the crypto protocol deepens its relationship with traditional financial firms.
Monday’s announcement sent Athena’s governance token ENA ( ENA ) up around 8% on the day as investors welcomed another high-profile institutional partnership.
Aladdin is BlackRock’s portfolio construction and risk management platform used by banks, insurance companies, pension funds and asset managers overseeing more than $20 trillion in combined assets.
Athena also said that BlackRock’s tokenized money market fund, BUIDL, will serve as the primary reserve asset for an upcoming white-label product.
The firms also unveiled a $100 million liquidity facility that will allow eligible holders of BlackRock’s tokenized treasury fund, BUIDL, to exchange their holdings for USDC, USDtb and other supported stablecoins outside of traditional market hours and convert those assets back to BUIDL.
“We believe that stablecoins and real-world tokenized assets are inextricably linked,” Robert Mitchnick, BlackRock’s head of digital assets, said in a statement. “This liquidity facility enables a level of frictionless interoperability that is at the heart of the unique utility that tokenizing treasury funds makes possible.”
