Ethena Labs ( $ENA ) Launches UStb Stablecoin Backed by BlackRock Fund

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Ethena Labs, a Decentralized Finance (DeFi) company operating on the Ethereum blockchain, has officially launched UStb, a new stablecoin fully backed by BlackRock’s BlackRock USD Institutional Digital Liquidity Fund (BUIDL), with funding exceeding US$522 million.

UStb is designed as a traditional asset-backed stablecoin, differing from Ethena’s synthetic dollar stablecoin, USDe. Ethena Labs positions UStb as a complementary product to USDe, particularly useful in mitigating challenges like negative funding rates or market volatility.

Ethena’s governance framework allows for the potential reallocation of backing assets between USDe and UStb to ensure stability.

Through partnerships with BlackRock and Securitize, Ethena Labs aims to bolster the credibility and versatility of its stablecoins, offering users diverse options to navigate various market conditions.

DYOR