Ethena Labs has launched its USDTB stablecoin which is backed by the BlackRock BUIDL Fund and amassed $65.4 million in total value on its first day. Founder of Delphi Labs, José Maria Macedo, has predicted it will become the largest tokenized treasury product. The stablecoin is largely backed by BlackRocks USD Institutional Digital Liquidity Fund in partnership with Securitize.
Additionally, Ethena expects to scale USDTB to $100 billion because it can capitalize effectively in bear markets by “creating an APY ‘floor’ around the T-bill rate.”
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