Ethena Labs, the creator of the decentralized stablecoin protocol Ethena, is developing a new stablecoin in partnership with major Bitcoin investor BlackRock. The upcoming stablecoin, UStb (USTB), will be backed by BlackRock's tokenized BlackRock USD Institutional Digital Liquidity Fund (BUIDL), ensuring a stable value of $1 per token. This initiative aims to offer users and exchange partners a different risk profile compared to Ethena's existing synthetic dollar stablecoin, USDe. Ethena Labs addressed concerns about USDe's response to negative funding rates, highlighting the potential benefits of introducing UStb. The collaboration with BlackRock and digital securities platform Securitize signifies a significant step in the development of this new stablecoin project. Stay tuned for more updates on this evolving story. Read more AI-generated news on: https://app.chaingpt.org/news