Leggi questo articolo in Italiano Italiano

2 min read 26 Sep 2024

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

Ethena: new stablecoin is backed by BlackRock's BUIDL

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.

X

È arrivato Bybit EU!

Per te 20 USDC PRELEVABILI con 100$ di deposito, più tanti bonus esclusivi

bitcoin
Bitcoin (BTC) $ 109,114.23
ethereum
Ethereum (ETH) $ 2,568.34
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.27
bnb
BNB (BNB) $ 662.74
solana
Solana (SOL) $ 151.77
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.287255
dogecoin
Dogecoin (DOGE) $ 0.171636
staked-ether
Lido Staked Ether (STETH) $ 2,566.67
cardano
Cardano (ADA) $ 0.584926
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 109,171.25
hyperliquid
Hyperliquid (HYPE) $ 39.83
wrapped-steth
Wrapped stETH (WSTETH) $ 3,098.74
sui
Sui (SUI) $ 2.90
bitcoin-cash
Bitcoin Cash (BCH) $ 493.44
chainlink
Chainlink (LINK) $ 13.48
leo-token
LEO Token (LEO) $ 9.04
avalanche-2
Avalanche (AVAX) $ 18.29
stellar
Stellar (XLM) $ 0.249180
usds
USDS (USDS) $ 1.00
the-open-network
Toncoin (TON) $ 2.83
shiba-inu
Shiba Inu (SHIB) $ 0.000012
wrapped-eeth
Wrapped eETH (WEETH) $ 2,751.14
hedera-hashgraph
Hedera (HBAR) $ 0.159257
weth
WETH (WETH) $ 2,569.14
litecoin
Litecoin (LTC) $ 87.47
whitebit
WhiteBIT Coin (WBT) $ 45.05
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
monero
Monero (XMR) $ 319.55
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 109,101.23
ethena-usde
Ethena USDe (USDE) $ 1.00
bitget-token
Bitget Token (BGB) $ 4.46
polkadot
Polkadot (DOT) $ 3.39
uniswap
Uniswap (UNI) $ 7.40
aave
Aave (AAVE) $ 285.29
pepe
Pepe (PEPE) $ 0.000010
dai
Dai (DAI) $ 0.999994
pi-network
Pi Network (PI) $ 0.464999
ethena-staked-usde
Ethena Staked USDe (SUSDE) $ 1.18
okb
OKB (OKB) $ 48.85
bittensor
Bittensor (TAO) $ 326.29
aptos
Aptos (APT) $ 4.46
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
jito-staked-sol
Jito Staked SOL (JITOSOL) $ 184.19
near
NEAR Protocol (NEAR) $ 2.18
internet-computer
Internet Computer (ICP) $ 4.83
ethereum-classic
Ethereum Classic (ETC) $ 16.63
crypto-com-chain
Cronos (CRO) $ 0.081149
ondo-finance
Ondo (ONDO) $ 0.794535