Ethena Labs and BlackRock are joining forces to launch a Stablecoin 🚨
$UStb will be backed by BlackRock's tokenized Treasuries Fund.
This move follows Ethena’s success with USDe, their synthetic dollar, which is now the 5th largest stablecoin w/ a $2.6B circulating supply.
But what makes UStb different from other Stablecoins?
UStb will invest reserves in BlackRock’s BUIDL fund, which holds U.S. dollars and Treasury bills, offering a new, safer alternative to traditional crypto-backed stablecoins.
This is a big deal for a few reasons:
1. RWA Backing: Backed by stable, real-world assets like U.S. Treasuries
2. Risk Mitigation: Safety net for risk mgmt and maintaining peg stability
3. Wider Use Cases: Used as margin collateral on major exchanges.
