Important points
Ethena Labs launches USDtb, a stablecoin backed by BlackRock's BUIDL, and will maintain 90% reserves in BUIDL. USDtb operates independently from USDe and is available on Ethereum mainnet, Base, Solana, and Arbitrum through LayerZero integration.
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Ethena Labs has launched a new stablecoin USDtb backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
The stablecoin remains pegged to the US dollar and holds 90% of its reserves in BUIDL, issued by BlackRock. It was developed in partnership with Securitize, a leader in real-world asset tokenization.
“Given the rapidly accelerating demand for various stablecoin options, there is a clear need to offer a new product that offers a completely different risk profile than USDe, without users leaving the trusted ecosystem. We saw an opportunity,” said Ethena founder Guy Young.
The new stablecoin operates independently of Ethena's flagship USDe token and can be used like any other stablecoin, allowing for seamless and unlimited transfers.
USDtb will be available on multiple networks including Ethereum mainnet, Base, Solana, and Arbitrum through LayerZero integration.
Ethena is one of the fastest growing DeFi protocols, attracting nearly $6 billion in user funding since early 2024.
According to the company's press release, the introduction of USDtb is a strategic move by Ethena to further stabilize USDe, especially during bear market environments.
USDe is Ethena’s flagship stablecoin, offering users an attractive 27% annualized yield under current conditions, while offering a stable $1 peg.
Ethena's risk committee approved USDtb as a USDe-backed asset, allowing the protocol to reallocate reserves to USDtb during periods of negative funding rates.
Beyond its operational goals, Ethena’s governance token, ENA, has received a lot of attention recently.
Over the weekend, President-elect Donald Trump's World Liberty Financial purchased $500,000 worth of tokens, causing ENA's price to rise 25% before finally stabilizing.
At the time of writing, ENA is trading at $1.21, giving it a market cap of $3.5 billion.
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