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Ethena Labs Debut’s USDtb Stablecoin Backed by BlackRock’s BUIDL
In a groundbreaking move, Ethena Labs has officially launched USDtb, a new stablecoin that is fully backed by BlackRock’s BUIDL (USD Institutional Digital Liquidity Fund). The innovative initiative aims to provide users with an alternative risk profile and stability in the decentralized finance (DeFi) space.
According to sources, USDtb maintains 90% of its reserves within the BlackRock-backed fund. This strategic decision is expected to enhance the overall security and trustworthiness of the stablecoin. Additionally, it allows Ethena Labs to offer an entirely new asset class for users to invest in, catering to their diverse needs and preferences.
USDtb operates independently from Ethena’s flagship stablecoin, USDe, and can be used just like any other stablecoin, enabling seamless and unrestricted transfers between various networks. The new stablecoin is currently available on Ethereum mainnet, Base, Solana, and Arbitrum through LayerZero integration.
This pivotal launch marks a significant milestone for Ethena Labs, solidifying its position as a pioneer in the DeFi space. By providing USDtb as an alternative to their flagship stablecoin, USDe, the company aims to stabilize the market during bearish conditions.
Ethena’s ENA governance token has garnered considerable attention recently, with President-elect Donald Trump’s World Liberty Financial purchasing $500,000 worth of ENA over the weekend. The unexpected buy-in triggered a 25% surge in ENA prices before stabilizing at $1.21 per token, with a market capitalization of approximately $3.5 billion.
The Ethena ecosystem has witnessed significant growth since early 2024, attracting nearly $6 billion in user funds. With this latest development, the company is poised to further solidify its presence in the DeFi landscape while promoting financial stability and trust within the community.
Source: cryptobriefing.com
