Ethena has taken another step into institutional finance after announcing a broader partnership with BlackRock. The collaboration gives financial institutions using BlackRock’s Aladdin platform access to Ethena’s ecosystem and expands the use of BlackRock’s tokenized Treasury fund, BUIDL.
The announcement arrives at a time when the ENA price continues trading near multi-month lows. Even with stronger institutional backing, the token remains stuck in a broader downtrend.
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BlackRock and Ethena Expand Their Relationship
Ethena confirmed that its synthetic dollar, USDe, will be integrated into BlackRock’s Aladdin platform, which is used by financial institutions managing more than $20 trillion in assets. The partnership also makes BUIDL the primary backing asset for Ethena’s white-label product and introduces a $100 million liquidity facility through Securitize.
Excited to announce our collaboration with @Blackrock.
— Ethena (@ethena) June 29, 2026
→Integration of USDe into BlackRock's Aladdin platform
→BUIDL as the primary asset for our whitelabel product
→Liquidity facility on BlackRock tokenized products
The integration of USDe on Aladdin provides unique… pic.twitter.com/onP6o8hIpp
The new setup gives eligible BUIDL holders the ability to exchange BUIDL for USDe, USDtb, and other supported stablecoins. Those assets can also be converted back into BUIDL outside standard market hours, giving institutions more flexibility when managing tokenized Treasury exposure.
BlackRock’s Global Head of Digital Assets, Robert Mitchnick, said the liquidity facility improves interoperability between tokenized Treasury funds and digital dollars. Ethena founder Guy Young added that broader digital asset adoption depends on giving institutions access through familiar platforms like Aladdin.
$USDE $CEPT: BlackRock and Ethena Labs announced Monday a deepened collaboration that is set to give institutional investors using Aladdin greater access to Ethena's products, including improved liquidity for BUIDL.
— Anp🅰️nman (@spacanpanman) June 29, 2026
The partnership seeks to deepen BlackRock's engagement with…
This is not the first time the two companies have worked together. Ethena’s regulated stablecoin, USDtb, is already backed primarily by BlackRock’s BUIDL fund. DeFiLlama data shows BUIDL currently holds roughly $3 billion in total value locked, making it one of the largest tokenized U.S. Treasury funds available today.
The ENA Price Is Still Under Pressure
We had a look at the daily ENA chart, and the broader trend still favors sellers. ENA is trading around $0.0786 after gaining 2.21% during the latest session. Even with that pullback, the token is still 91.3% away from the late-2025 high of around $0.90.
The simple 100-day moving average is set at $0.0977. This places the ENA token price 19.5% under the moving average, which is continuing its downtrend after months of falling.
This has been seen consistently for all of 2026. In March, the ENA token climbed back up from around $0.18 to $0.35, and from around $0.12 to $0.20 in April. Both rallies failed, however, as buyers were unable to reach higher resistance levels.
The daily RSI has recovered to 50.22 after climbing from oversold territory. The indicator has also continued forming higher lows even though the ENA price has printed lower lows. That bullish divergence has appeared several times during the decline and has been followed by short-term rebounds, although none have developed into a lasting reversal.
Read Also: Here’s Why Velvet (VELVET) Price Exploded 240%
Can Institutional Adoption Help the ENA Price?
The expanded partnership with BlackRock gives Ethena more exposure to institutional investors and strengthens the project’s position in the tokenized Treasury market. That does not automatically translate into higher prices.
The ENA price continues trading below every major trend indicator, and buyers still need to reclaim the 100-day moving average before the broader chart begins improving. At the same time, the improving RSI and repeated bullish divergences show that selling pressure is not as aggressive as it was earlier this year.
For now, the fundamentals and the chart are moving at different speeds. Ethena continues expanding its institutional footprint through BlackRock, BUIDL, and Aladdin, but the ENA price still needs stronger buying activity before the market can confirm that a meaningful recovery has begun.
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