Ethena Labs has announced the launch of a new stablecoin USDtb backed by BlackRock’s BUIDL token. Ethena’s risk committee proposed adding USDtb as a backing asset for the USDe stablecoin. ENA has risen more than 120% in the past 30 days and could hit new all-time highs.
Ethena Labs on Monday announced the launch of the USDtb stablecoin, backed by BlackRock's BUIDL fund in partnership with Securitize. ENA witnessed a rapid rally following the announcement as the token heads towards new all-time highs following a rise of over 120% last month.
ENA temporarily rebounds as USDtb goes live on various blockchains
Ethena Labs on Monday revealed the launch of its long-awaited USDtb stablecoin. The company claims this could serve as an alternative to USDe as margin collateral for centralized exchanges affiliated with Ethena.
The USDtb stablecoin maintains a price peg to the US dollar on a 1:1 basis and is backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) in partnership with Securitize.
According to Ethena Labs, BUIDL holds 90% of USDtb’s overall reserves, the highest allocation among stablecoins. Stablecoins function similarly to established stablecoins in the market, such as USDT and USDC. Users can send USDtb across multiple chains where USDtb is deployed.
Ethena Labs claims that USDtb is completely different from previously established USDe synthetic stablecoins as it purports to offer users and partners a new alternative to the risks associated with USDe.
Due to the reported safety, Ethena's risk committee submitted a proposal to integrate USDtb as a backing asset for USDe.
Such a move, Ethena claims, will help hedge against negative funding rates, thereby reducing the risks associated with USDe.
ENA rose slightly following this announcement and continued to hit new all-time highs.
The token has seen significant gains over the past month, increasing over 120% to its current price of $1.20. This was just short of the $1.52 ATH set in April.
