news 
Ethena Labs has recently launched USDtb, a new multi-chain stablecoin backed by BlackRock’s BUIDL fund. This innovative development represents a significant milestone in the evolution of cryptocurrency and blockchain technology.
The launch marks a major breakthrough in the field as it features cross-chain functionality, allowing seamless transfers between Ethereum, Solana, Arbitrum, and other supported platforms. USDtb maintains a stable value pegged to the US dollar, with 90% of its reserves held securely within BlackRock’s BUIDL fund.
USDtb has also undergone rigorous security audits conducted by leading firms Quantstamp, Cyfrin, and Pashov, resulting in no major vulnerabilities found. This multi-layered approach to security validation aims to instill trust in the platform, ensuring USDtb operates with utmost transparency and reliability.
One of the primary use cases for this new stablecoin is its potential to stabilize Ethena’s existing USDe token during periods of negative funding rates or market volatility. Moreover, it is being considered as margin collateral on regulated exchanges and participating in Spark’s $1 billion Tokenization Grand Prix.
The company has made notable strides in strengthening its position within the market by integrating sUSDe with Aave, enabling stablecoin borrowing with potential annual percentage yields (APY) reaching 30%. The development team has also proposed incorporating Solana and staking derivatives as underlying assets for USDe to improve scalability and diversify collateral options.
The positive market response to these developments is evident in the performance of Ethena’s native token, ENA. This asset has seen an impressive 14.70% increase over the past week, with a remarkable 91.88% gain over the last month.
Source: blockonomi.com
