🌎 Ethena Labs Launches USDtb Stablecoin

Ethena Labs Launches USDtb Stablecoin Backed by BlackRock’s BUIDL Fund

Ethena Labs has introduced a new stablecoin, USDtb, which is backed by BlackRock’s USD Institutional Digital Liquidity Fund. The USDtb operates similarly to other popular fiat-backed stablecoins, with reserves held in cash or cash-equivalent assets at a 1:1 ratio.

Key Features and Benefits of USDtb

Unlike most stablecoins, USDtb distinguishes itself by allocating 90% of its reserves to BlackRock’s BUIDL fund. This tokenized money market fund primarily invests in short-term U.S. Treasury bills, cash, and repurchase agreements, providing a high degree of stability.

The launch of USDtb is part of Ethena’s broader strategy to bolster the resilience of its ecosystem, particularly during volatile market conditions. USDtb is positioned as a more traditional stablecoin option, with a completely separate risk profile compared to Ethena’s flagship token, USDe.

Some of the key benefits of USDtb include:

High degree of stability due to its allocation to BlackRock’s BUIDL fund
Completely separate risk profile compared to USDe
Expected to serve as an alternative collateral option for margin trading on centralized exchanges
Approved as a backup asset for USDe, allowing the platform to reallocate reserves when necessary

Ethena’s Partnership and Security Measures

The launch of USDtb is a result of Ethena’s partnership with Securitize, a leader in tokenization of real-world assets. Ethena has also partnered with custodians such as Copper, Zodia Custody, Komainu, and Coinbase Institutional to secure USDtb’s reserves.

In addition, Ethena has submitted an application for USDtb to be included in Sky’s $1 billion Tokenization Grand Prix, which aims to fund tokenized real-world asset projects.

Security and Reliability

The launch of USDtb follows a series of successful audits conducted by leading firms, including Pashov, Quantstamp, and Cyfrin, ensuring the token’s security and reliability.