Ethena Labs has launched a new stablecoin USDtb, backed by the BUIDL fund from BlackRock. USDtb, developed in collaboration with Securitize, operates like traditional fiat-backed stablecoins. The main reserve asset—BUIDL—makes up 90% of the backing for USDtb. This strengthens the Ethena ecosystem, offering a low-risk alternative with stable returns.