Ethena has transferred $1.5 billion in BUIDL, BlackRock's tokenized money market fund, from Ethereum L1 to Aptos, Avalanche, and Polygon, with each receiving $500 million. This strategic move significantly boosts the BUIDL presence on these chains, which previously held less than $54 million combined. The reallocation supports Ethena's USDtb stablecoin, fully backed by BUIDL, while Anchorage Digital Bank now oversees USDtb minting and redemption to ensure compliance with the GENIUS Act. Additionally, Ethena introduced USDe and sUSDe on Avalanche on September 12, offering DeFi users AVAX rewards, hinting at a potential collaboration. The migration underscores liquidity mismatch risks, as the entire USDtb supply remains on Ethereum, yet only 18% of BUIDL reserves are maintained there.