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Ethena Introduces USDtb Stablecoin Backed by BlackRock’s BUIDL
Ethena Labs has launched a new stablecoin called USDtb, which is backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) and developed in collaboration with Securitize. The notable support ensures that the stablecoin maintains a 1:1 peg to the US dollar, providing a strong foundation for its operations.
USDtb runs on multiple blockchain networks such as Ethereum, Solana, Base, and Arbitrum, allowing it to capitalize on the benefits of cross-chain transfers facilitated by LayerZero technology. This feature is critical in expanding user accessibility and adoption, as well as ensuring seamless transactions across various platforms.
The stablecoin boasts a high level of security, courtesy of the scrutiny of major security companies like Quantstamp, Cyfrin, and Pashov, which have thoroughly examined its smart contracts. Their audits confirmed USDtb’s technical execution and compliance with no notable vulnerabilities identified.
Ethena Labs is actively working to increase USDtb’s applicability, including considering it as margin collateral on regulated exchanges. The company has also announced plans to utilize staking derivatives and other assets underpinning USDe, its native token.
As for Ethena’s ENA token, it currently trades at approximately $1.15, reflecting a significant 14.7% increase over the past seven days and an impressive 91.9% surge within the last thirty days.
Source: http://www.crypto-news-flash.com
