Ethena’s UStb will be backed by BlackRock’s BUIDL, offering a safer reserve base.
UStb aims to stabilize USDe by reallocating assets during market instability.
Ethena secures $14M in funding to expand with UStb and strengthen market position.
Ethena is preparing to launch a new stablecoin called UStb with Securitize, a real-world asset tokenization platform. Unlike its synthetic dollar stablecoin, USDe, UStb will be backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
The BUIDL fund, tokenized on Ethereum, mainly invests in U.S. dollars, short-term Treasury bills, and repurchase agreements. This backing gives UStb a strong reserve base, setting it apart from other stablecoins.
The stablecoin market has grown rapidly, with BUIDL managing over $522 million since its March 2024 launch. UStb’s introduction could be a major step forward in the tokenized government securities space, which holds over $2 billion in assets.
A New Approach to Stability
Unlike Ethena’s USDe, which relies on a complex derivative hedging strategy, UStb will have a more traditional backing. USDe, launched in February, became the fifth-largest stablecoin by…
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