Ethena Labs has officially launched USDtb, a new stablecoin backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). Developed in partnership with Securitize, USDtb operates similarly to existing fiat-backed stablecoins such as USDC and USDT, with reserves invested in cash or cash-equivalent assets to maintain a 1:1 value ratio.
USDb’s primary reserve asset, BUIDL, makes up 90% of USDtb’s overall backing, making it the highest BUIDL-backed stablecoin to date. USDtb is independent of Ethena’s USDe, providing an alternative stablecoin with a distinct risk profile. Major providers such as Jump, Cumberland, Amber Group, GSR Markets, and SCB Limited will support USDtb’s liquidity.
Ethena has partnered with Copper, Zodia Custody, Komainu, and Coinbase Institutional to serve as custodians for USDtb. Delphi Labs co-founder José Maria Macedo predicts that USDtb will become the largest on-chain tokenized treasury product within a month of its launch and strengthens Ethena’s existing USDe stablecoin.
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