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Ethena: new stablecoin is backed by BlackRock's BUIDL
By Davide Grammatica
Ethena plans to launch new stablecoin UStb, backed by BlackRock's BUIDL “tokenized” fund
A new stable for Ethena
Ethena, in collaboration with the company Securitize (a benchmark in the RWA world), is reportedly planning to launch the new stablecoin UStb. An unconventional stable, and one that will be backed by BlackRock‘s Institutional Digital Liquidity Fund (BUIDL), i.e., its “tokenized” fund on Ethereum.
The fund in question (which invests in U.S. dollars and U.S. Treasury bonds) has experienced rapid growth in recent months to become the largest U.S. tokenized fund today, with about $522 million in assets under management.
According to 21.co, BUIDL would have its hands on about a quarter of the entire tokenized government bond market (about $2 billion), which in turn is “managed” for nearly half by Securitize.
According to the Ethena team, the UStb project would be completely independent of the stable USDe, the ecosystem’s cornerstone product . The famous “synthetic dollar” (now the fifth largest stablecoin by capitalization) is backed directly by crypto assets, and maintains its peg to the dollar through an arbitrage mechanism. To date, it has come to mark a $2.6 billion capitalization.
Developments in Ethena and USDe
UStb is thus an alternative product, created in part and above all to reduce the risks derived from USDe’s exposure to the volatility of collateral assets. UStb, according to the team’s plans, could in fact step in to support USDe at particularly difficult times for the market.
“If deemed necessary by Ethena’s governance, hedge positions underlying USDe could be closed during ‘negative’ periods and its supporting assets reallocated to UStb to ameliorate related risks,” the team said.
In addition, the new stable could be used as an alternative to USDe as margin collateral for various transactions on centralized exchanges, such as Bybit and Bitget.
