Ethena Labs officially launched USDtb, a new stablecoin backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), on December 16.
Developed in partnership with Securitize, USDtb operates similarly to existing fiat-backed stablecoins such as USDC and USDT. USDtb reserves are invested in cash or cash equivalents to maintain a 1:1 peg.
USDtb Launch
According to the official blog post, USDtb’s primary reserve asset, BUIDL, accounts for 90% of its total collateral, making USDtb the largest BUIDL-backed stablecoin to date. USDtb operates independently of Ethena’s USDe, providing users with an alternative stablecoin with a different risk profile.
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In addition, USDtb is expected to enhance USDe’s resilience to market volatility, by potentially serving as a backup asset during periods of negative funding rates. The product has passed rigorous audits from leading security firms such as Code4rena, Quantstamp, Cyfrin, and Pashov. USDtb is currently being considered for participation in Spark’s $1 billion Tokenization Grand Prix. Ethena has partnered with Copper, Zodia Custody, Komainu, and Coinbase Institutional to act as custodians for the newly launched stablecoin USDtb. Liquidity for the token will be supported by major providers such as Jump, Cumberland, Amber Group, GSR Markets, and SCB Limited.
