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Cryptocurrency News Articles
Ethena Labs Announces New UStb Stablecoin Backed by BlackRock's BUIDL Fund
Sep 27, 2024 at 02:17 am
The move expands Ethena's stablecoin offerings and aims to provide additional stability options for users and exchange partners.
Key Takeaways
Ethena Labs, the creator of the synthetic USDe dollar, has unveiled a new stablecoin, dubbed UStb, that will be fully backed by BlackRock’s on-chain BUIDL fund.
UStb will operate like traditional stablecoins, with its reserves invested in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which holds US dollars, US Treasury bills, and repurchase agreements.
Ethena positions UStb as an independent product with a distinct risk profile compared to USDe, aiming to provide diverse stability options for users and exchange partners.
The company highlights that UStb can complement USDe during challenging market conditions, enabling Ethena’s governance to adjust backing assets as needed.
Centralized exchanges that already utilize USDe, such as Bybit and Bitget, are expected to integrate UStb, offering traders a choice of stablecoins for margin collateral.
Following the announcement, Ethena Labs’ ENA governance token experienced a substantial price surge, with a 14% increase over the past 24 hours and a significant uptick in trading volume.
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