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Cryptocurrency News Articles
Ethena Labs Unveils UStb Stablecoin Backed by BlackRock and Securitize
Sep 27, 2024 at 07:00 pm
Ethena Labs has announced a substantial addition to their product line: UStb. According to a tweet from Ethena Labs, BlackRock's BUIDL will fully support UStb
Ethena Labs, the organization behind the popular synthetic stablecoin sUSDe, has announced the addition of UStb to its product line. This fiat stablecoin will be fully supported by BlackRock’s BUIDL, in partnership with Securitize.
The introduction of UStb is significant as it provides an alternative risk profile for users and exchange partners, setting it apart from Ethena’s other products. It will operate similarly to any regular stablecoin, but as a separate product from USDe.
This development aligns with Ethena’s strategy of offering diverse and complementary products within the DeFi space. UStb is designed to enhance the overall stability and utility of the Ethena ecosystem.
Moreover, Ethena's protocol is engineered to adapt to varying market conditions, including periods of negative funding rates. However, sUSDe has maintained stability throughout the last six months of bearish market conditions, without experiencing a single week of negative funding.
This resilience is crucial, especially in downturn periods, and it highlights Ethena's capacity to handle diverse financial climates.
Despite this, Ethena is prepared for any scenario, and its USDe backing composition is designed to dynamically switch between basis positions and liquid stable products in various interest rate conditions. This elasticity means that USDe remains steady and can even profit from the inclusion of UStb during periods of less favorable funding conditions.
In situations where governance deems it essential, Ethena has the ability to close hedging positions and reallocate backing assets to UStb.
This preemptive approach helps to limit the risks associated with negative funding rate circumstances, demonstrating Ethena’s commitment to maintaining stability and providing a strong financial foundation for its users.
This decision also shows that Ethena Labs is constantly analyzing market conditions and is ready to alter its strategy accordingly.
In other news, Ethena Labs is expanding its services to include centralized exchange (CEX) collateral. This move complements the protocol's existing integration with Bybit and Bitget.
With this development, exchange partners can now choose between two different goods for margin collateral, potentially increasing Ethena’s reach and appeal in the crypto trading market.
On the other hand, as we previously noted, Ethena Labs has announced sENA, which allows users to keep liquidity while staking their ENA tokens, opening up opportunities across a variety of DeFi applications and platforms.
This development matches with Ethena’s goal of providing flexible financial solutions within the decentralized finance ecosystem, increasing the utility of its native token, ENA.
Furthermore, Ethena Labs has integrated the Coinbase Prime Web3 Wallet to make it easier to mint and redeem Ethereum-based protocols.
This integration is a strategic step that improves the user experience and makes it easier for investors to interact with Ethena’s products, reinforcing the company’s position as a forward-thinking operator in the DeFi industry.
Meanwhile, at the time of writing, Ethena’s native token, ENA, is trading at around $0.3586, up an incredible 10.61% over the last 24 hours. A significant increase in daily trade volume, which has risen by more than 200% to $223.42 million, is present along with this surge.
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