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Ethena Labs Debuts USDtb Backed by BlackRock’s BUIDL
In a significant development in the decentralized finance (DeFi) space, Ethena Labs has announced the launch of USDtb, a stablecoin backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). This move aims to provide users with an alternative risk profile for their digital assets.
According to sources, USDtb will maintain a peg to the US dollar and hold 90% of its reserves in BUIDL issued by BlackRock. The new stablecoin operates independently from Ethena’s flagship USDe token, allowing seamless and unrestricted transfers between them. This initiative is expected to further stabilize USDe, particularly during bearish market conditions.
Ethena has partnered with Securitize, a leading player in real-world asset tokenization, for the development of USDtb. The new stablecoin will be available on multiple networks, including Ethereum mainnet, Base, Solana, and Arbitrum through LayerZero integration.
The introduction of USDtb demonstrates Ethena’s commitment to providing users with a diverse range of options for their digital assets. This new offering has been met with excitement within the DeFi community, as it provides investors with an attractive 27% annualized yield under current market conditions.
In related news, Ethena’s governance token, ENA, has experienced significant gains in recent weeks. President-elect Donald Trump’s World Liberty Financial reportedly purchased $500,000 worth of ENA over the weekend, resulting in a 25% price increase before stabilizing.
Source: cryptobriefing.com
