Ethena: Blackrock's Buidl-backed USDtb stablecoin is live

By Daniele Corno

USDtb, the Ethena stablecoin backed by BlackRock's Buidl fund is finally LIVE: thanks to LayerZero it will also be cross-chain

A stablecoin on the Buidl fund

Another big Ethena-related announcement today. After seeing ENA introduced in the portfolio of WLFI, aDeFi project supported by Trump, today is the day of the launch of its second stablecoin: USDtb.

Today we are launching our new stablecoin product, USDtb, backed by @BlackRock‘s BUIDL Fund in partnership with @Securitize

Read below for full details👇 pic.twitter.com/mSf3mWv3oF

— Ethena Labs (@ethena_labs) December 16, 2024

Unlike other stablecoins, such as USDC and USDT, which use reserves in treasury bills, cash, and short-term loans, USDtb is backed primarily by BlackRock’sBUIDL fund.

USDtb is one of the most scalable stablecoins, thanks to its main support in BlackRock’s BUIDL fund . This system allows USDtb to grow rapidly without limitations. Moreover, being completely independent from USDe, it offers a solution with a different risk profile. At times in the market where funding rates are negative, Ethena will be able to close out hedge positions and allocate hedged assets to USDtb, gaining more security in the face of a loss of APY.

BUIDL for all, USDtb in partnership with LayerZero

The USDtb stablecoin is also the first project to make BUIDL available to those who do not have $5 million for the minimum tier.

The project is implemented in partnership with Securitize, a leading tokenization and issuer of Buidl. In addition, USDtb is realized through LayerZero standards , thanks to which the stablecoin is immediately interoperable with the various supported Blockchains, such as Ethereum, Arbitrum and Solana.

It will then be possible for users to use Stargate in order to bridge between the various available Blockchains.

Live on Curve and Expectations

USDtb is also already live on Curve Finance, distributed in two liquidity pools, one with USDC and one with USDe. The smart contract of the USDtb token is the same: 0xC139190F447e929f090Edeb554D95AbB8b18aC1C.

It is supported by major partners and liquidity providers such as Jump, Cumberland, and Wintermute; in fact, as of now, $25 million has been allocated to liquidity in the two pools.

It will be useful right away to observe the use of this new product present within the market, which makes BUIDL available to all for the first time. Among the goals for USDtb, Ethena has is to bring this its new product as collateral for derivatives trading on centralized exchanges.