Ethena Labs Unveils USDtb Stablecoin, Backed by BlackRock's BUIDL and Securitize

Dec 16, 2024, 02:20 PM

Ethena Labs has introduced a new stablecoin, USDtb, which is backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) in partnership with Securitize. This stablecoin aims to maintain a steady $1 price and holds 90% of its reserves in BUIDL, marking it as the highest BUIDL allocation of any stablecoin. USDtb is designed to offer users and exchange partners a new option with a risk profile distinct from Ethena's flagship token, USDe. The launch of USDtb is intended to help stabilize USDe during bearish market conditions by allowing Ethena to re-allocate backing assets to USDtb when funding rates turn negative. USDtb is now live on Ethereum, Solana, Base, and Arbitrum, leveraging LayerZero for seamless cross-chain functionality. The stablecoin's reserves are managed by custodians including Copper, Zodia Custody, Komainu, and Coinbase Institutional, with liquidity provided by firms like Jump, Cumberland, Amber Group, GSR Markets, and SCB Limited. Ethena has also applied for USDtb to be considered for Sky's $1 billion Tokenization Grand Prix program. Ethena's Risk Committee approved the onboarding of USDtb as a backing asset for USDe, and during Season 3, locked LP positions in Curve's USDtb/USDe pool will earn 30x rewards.