Ethena Labs mentioned that, by launching $USDtb, it intends to advance the stablecoin ecosystem.
Ethena Labs has announced the release of a new stablecoin, $USDtb, which is backed by BlackRock's USD Institutional Digital Liquidity Fund. The launch of $USDtb by Ethena Labs, in collaboration with Securitize (a key player in RWA tokenization), brings forth institutional-grade-reserves-backed stable digital assets to the market. The platform announced the launch of the exclusive stablecoin via social media.
Ethena Labs to Advance Stablecoin Ecosystem with New Stablecoin Backed by BUIDL Fund of BlackRock
According to Ethena Labs, the launch of $USDtb is aimed at advancing the stablecoin ecosystem. In this regard, the new stablecoin focuses on providing stable value with substantial backing from institutional-level funds. $USDtb functions similarly to traditional fiat-backed stablecoins like $USDT and $USDC, maintaining cash and cash-equivalent reserves to ensure a 1:1 collateral ratio for each token. However, ninety percent of $USDtb's reserves are allocated to BUIDL with the involvement of BlackRock's BUIDL Fund.
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$USDtb also offers efficiency, scalability, and operability as a LayerZero-driven Omnichain Fungible Token. This facilitates seamless cross-chain transactions across various networks, including Arbitrum, Solana, Base, and Ethereum Mainnet with Stargate-backed bridging. Furthermore, USDtb is separate from another Ethena-based product, $USDe, presenting a distinct risk profile to users.
The Platform also Intends to Offer $USDtb as Margin Collateral at CEXs for Broader Adoption
Recently, the Risk Committee of Ethena approved the stablecoin $USDtb to be used as an asset to back $USDe, which can reportedly enable reallocation during periods of negative funding to minimize risks. In addition to this, $USDtb is being considered by Ethena Labs as a margin collateral asset for centralized crypto exchanges (CEXs) partnering with Ethena, which would expand its usage and adoption among both retail and institutional users.
According to Ethena Labs, the smart contracts of $USDtb have undergone extensive audits by leading firms. These entities, including Cyfrin, Quantstamp, Pashov, and Code4rena, reportedly found no medium or high-level findings in their audits. The launch of $USDtb is supported by custody providers such as Coinbase Web3 Wallet, Komainu, Zodia, and Copper. Additionally, liquidity providers like SCB Limited, GSR, Amber, Cumberland, Wintermute, and Jump are also extending their support for the stablecoin.
