According to WuSay, Securitize, the distributor of BlackRock’s BUIDL fund, submitted a proposal to Ethena to allocate a large portion of its reserve fund to the BUIDL fund.

This proposal is part of a formal process Ethena has initiated to evaluate investment opportunities for its reserve fund, with plans to invest in diversified assets that meet the fund’s investment criteria.

Proposals will be reviewed and considered by the Ethena Foundation’s independent Risk Committee.