Ethena Labs has launched its new stablecoin, USDtb, backed by BlackRock's BUIDL Fund, amassing $65.4 million in total value on its first day. USDtb operates similarly to Tether (USDT) and USD Coin (USDC), backed 1:1 by cash or equivalents. Ethena aims to use USDtb to mitigate risks for its USDe product. The stablecoin is 90% backed by BlackRock's liquidity fund, with the remaining 10% in USDC for added liquidity. USDtb's smart contracts have passed rigorous audits, and Ethena's growth head sees potential for it to scale to $100 billion. The stablecoin market cap has surpassed $200 billion, with expectations to double by 2025.