Ethena Labs Launches UStb Stablecoin Backed by BlackRock and Securitize

Sep 26, 2024, 11:04 AM

Ethena Labs has announced the launch of a new stablecoin named UStb, which will be fully backed by BlackRock's tokenized USD Liquidity Fund (BUIDL) in collaboration with Securitize. This new product aims to provide a unique risk profile and complement Ethena's existing stablecoin, USDe, by managing market challenges. UStb will invest its reserves in BlackRock's BUIDL via Securitize, enabling a separate fiat stablecoin product alongside USDe. The introduction of UStb is considered one of the most significant product developments for Ethena to date.