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Will Ethena Labs' $UStb stablecoin surpass $1 billion in market cap by December 31, 2024?
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Ethena Labs Launches $UStb Stablecoin Backed by BlackRock BUIDL Fund in Partnership with Securitize, Sees 14% Jump
Sep 26, 2024, 11:43 AM
Ethena Labs has announced the launch of a new stablecoin called $UStb, which will be fully backed by BlackRock's tokenized USD Liquidity Fund (BUIDL) and developed in partnership with Securitize. Ethena, a synthetic dollar protocol on Ethereum, designed UStb to function like traditional stablecoins but offers a unique risk profile by investing its reserves in BlackRock's BUIDL fund. This new product aims to complement Ethena's existing stablecoin, USDe, and help manage market challenges. The BUIDL fund, which has over $522 million in assets, provides a secure backing for UStb, potentially making Ethena the largest liquidity provider of BlackRock’s fund. Additionally, UStb offers an effective annual percentage yield (APY) floor at the T-bill rate, currently around 10%. Following the announcement, Ethena Labs saw a 14% jump in its valuation.
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