Ethena Launches New Stablecoin Based on BlackRock's BUIDL
Date: 2024-12-17 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Ethena Labs, known for issuing the USDe stablecoin, has introduced a new stablecoin, USDtb. The launch was implemented in collaboration with Securitize, a platform that specializes in the tokenization of real assets (RWA).
The new stablecoin USDtb provides stability pegged to $1 thanks to reserves, 90% of which are concentrated in BlackRock USD Institutional Digital Liquidity (BUIDL). In turn, BUIDL operates in US dollars, short-term treasury bonds, and repo agreements. Since its launch in March, the fund has demonstrated rapid growth in assets under management (AUM), reaching approximately $561 million and taking one of the leading positions in its segment.
Ethena Labs founder Guy Yang explained the decision to create a new product by the fact that the market is demanding a wider range of stablecoins with different risk levels. “We saw an opportunity to launch a product that offers a new risk profile while remaining within our existing ecosystem,” he said.
The launch of USDtb will allow Ethena to effectively manage USDe derivative positions and redistribute underlying assets to USDtb when negative funding rates occur. In addition, the new stablecoin will become an alternative to USDe for securing margin positions on large centralized exchanges such as Bybit and Bitget. Partnerships have already been concluded with these platforms.
To safely store USDtb reserves, Ethena Labs partners with leading custodians, including Copper, Zodia Custody, Komainu, and Coinbase Institutional. The project’s main market makers include Jump, Cumberland, Amber Group, GSR Markets, and SCB Limited.
Ethena has also submitted an application for USDtb to participate in the Tokenization Grand Prix program organized by Sky (formerly MakerDAO). This initiative involves investing up to $1 billion in real assets to support innovative solutions in the RWA market.
Interestingly, recently, on November 30, the World Liberty Financial (WLF) project associated with Donald Trump purchased ENA tokens worth $500,000.
