Ethena moved a large portion of its BUILD token holdings from Ethereum to other cryptocurrency networks

BlackRock, the world's largest asset manager, has seen $1.5 billion of its tokenized BlackRock USD Institutional Digital Liquidity Fund (BUIDL) withdrawn from the Ethereum network.

This massive migration was carried out by Ethena Labs, the entity that uses the fund as collateral for its USDtb stablecoin on the Aptos, Avalanche, and Polygon networks.

Each of these networks received an allocation of $500 million of BUIDL. This action reduced the supply of BUIDL on Ethereum from approximately $2.49 billion to $991 million, reported Tom Wan, head of data at Entropy Advisors.

Although the migration of tokenized assets has been completed, these tokens will continue to serve as collateral for USDtb, a digital asset 100% backed by BUIDL. The move of 82% of USDtb's collateral from Ethereum to other platforms is noteworthy, although the fund's actual backing remains in off-network assets.

BUIDL was launched in 2024 on Ethereum and has been instrumental in BlackRock's foray into real-world asset tokenization.

This fund operates by investing in short-term US Treasury securities, offering dollar-denominated returns to qualified investors and enabling instant trading without the need for clearinghouses.