Official announcements from Ethena Labs and updates on their website or social media channels

Ethena Labs Launches Stablecoin UStb Backed by BlackRock's BUIDL Fund and Securitize with 10% APY

Sep 26, 2024, 11:21 AM

Ethena Labs has announced the launch of a new stablecoin called UStb, which will be fully backed by BlackRock's tokenized USD Institutional Digital Liquidity Fund (BUIDL). The stablecoin is developed in partnership with Securitize. UStb aims to offer a unique risk profile and is designed to complement Ethena's existing stablecoin, USDe. Ethena's new product entry into the Real World Assets (RWA) business is seen as a significant development, with the potential to make Ethena the largest liquidity provider for BlackRock's fund. The annual percentage yield (APY) for UStb is expected to be around 10%, subject to governance. Ethena, a synthetic dollar protocol on Ethereum, can close hedging positions and re-allocate those backing assets to UStb. Following the announcement, Ethena Labs saw a 14% jump.