news.bitcoin.com
Ethena Labs has introduced USDtb, a stablecoin that’s got the backing of Blackrock’s USD Institutional Digital Liquidity Fund (BUIDL).
Ethena Unveils USDtb, a New Stablecoin With Blackrock Support
Crafted in collaboration with Securitize, a top dog in real-world asset (RWA) tokenization, USDtb brings cash-backed steadiness and the magic of cross-chain operations to the table. This new kid on the block mirrors the setup of well-known fiat-backed tokens like tether (USDT) and usd coin (USDC), pegging itself 1:1 with cash or cash-like reserves.
With a whopping 90% of its reserves poured into Blackrock’s BUIDL fund, USDtb boasts some of the heftiest institutional support in the stablecoin arena. Ethena’s Risk Committee has given USDtb the thumbs up as a sidekick to its current stablecoin, USDE. This move lets Ethena shuffle funds over to USDtb when the market gets choppy, beefing up resilience and dodging those pesky negative funding rates.
The blog post published this morning says it’s all part of Ethena’s master plan to mix up risk levels across its stablecoin lineup. USDtb is built to play nice with various blockchain networks, from Ethereum to Solana, Base, and Arbitrum. Ethena’s teams states that thanks to Layerzero tech, moving your tokens across chains is as smooth as butter. Plus, early birds can dive into liquidity pools on Curve Finance, snagging rewards during Ethena’s third reward scheme.
The Ethena team claims the stablecoin has been put through the wringer, with audits from Quantstamp, Cyfrin, and Code4rena finding zero critical flaws. They also say transparency is key; you can check out USDtb’s reserves and smart contract data anytime via its public portal. Pallas (BVI) Ltd. is the one issuing this stablecoin asset, while Ethena Labs keeps the gears turning. This launch, Ethena explains, is a piece of a larger puzzle aimed at fortifying decentralized finance (defi) by marrying high-quality assets with blockchain tech.
By blending big-time institutional support with the freedom of decentralized systems, USDtb aims to broaden the appeal of stablecoins, bridging the gap between traditional finance and the blockchain world.