Ethena Labs 首次推出由贝莱德美元机构数字流动性基金支持的 USDtb 稳定币

USDtb 的运作方式与其他流行的法币支持的稳定币（如 USD Coin (USDC) 和 Tether (USDT)）类似，其储备金以 1:1 的比例以现金或现金等价资产形式持有。

Cryptocurrency firm Ethena Labs has launched a new stablecoin, USDtb, backed by BlackRock’s USD Institutional Digital Liquidity Fund.

加密货币公司 Ethena Labs 推出了一种新的稳定币 USDtb，由贝莱德美元机构数字流动性基金支持。

The stablecoin is designed to be pegged 1:1 to the U.S. dollar, with reserves fully backed by cash or cash-equivalent assets. Specifically, 90% of USDtb's reserves will be allocated to the BUIDL fund, which tokenizes the iShares Core Total U.S. Bond Market ETF (在场交易基金). The fund primarily invests in short-term U.S. Treasury bills, cash, and repurchase agreements.

该稳定币设计为与美元 1:1 挂钩，储备完全由现金或现金等价资产支持。具体来说，USDtb 90%的准备金将分配给BUIDL基金，该基金将iShares Core Total US Bond Market ETF（在场交易基金）代币化。该基金主要投资于短期美国国债、现金和回购协议。

According to Ethena, this marks the highest BUIDL allocation among stablecoins, enabling greater scalability and a high degree of stability. The stablecoin is being launched in partnership with Securitize, a leading platform for tokenizing real-world assets.

据 Ethena 称，这标志着稳定币中 BUIDL 分配最高，从而实现了更大的可扩展性和高度的稳定性。该稳定币是与 Securitize 合作推出的，Securitize 是一个领先的现实世界资产代币化平台。

USDtb is positioned as a more traditional stablecoin option, distinct from Ethena’s flagship token, USDe, which utilizes a derivative-based strategy to maintain its peg to the U.S. dollar.

USDtb 定位为更传统的稳定币选择，与 Ethena 的旗舰代币 USDe 不同，USDe 利用基于衍生品的策略来维持与美元挂钩。

Ethena's Ecosystem

Ethena 的生态系统

The introduction of USDtb aligns with Ethena’s strategy to enhance the resilience of its ecosystem, especially in volatile market conditions. While USDe generates yield by shorting assets like Bitcoin, Ether, and Solana, it is susceptible to underperformance during market downturns and negative funding rates.

USDtb 的推出符合 Ethena 增强生态系统弹性的战略，特别是在波动的市场条件下。虽然 USDe 通过做空比特币、以太币和 Solana 等资产来产生收益，但在市场低迷和负融资利率期间，它很容易表现不佳。

To mitigate these risks, Ethena's Risk Committee has approved USDtb as a backup asset for USDe, enabling the platform to adjust reserves as needed. Additionally, USDtb is expected to serve as an alternative collateral option for margin trading on centralized exchanges, expanding its use cases.

为了减轻这些风险，Ethena 风险委员会已批准 USDtb 作为 USDe 的备用资产，使平台能够根据需要调整储备。此外，USDtb 预计将作为中心化交易所保证金交易的替代抵押品选择，扩大其用例。

According to the company, USDtb's reserves are secured by Copper, Zodia Custody, Komainu, and Coinbase Institutional. Ethena has also submitted an application for USDtb to be included in Sky's $1 billion Tokenization Grand Prix, which aims to fund tokenized real-world asset projects.

据该公司称，USDtb 的储备由 Copper、Zodia Custody、Komainu 和 CoinbaseInstitutional 提供担保。 Ethena 还提交了 USDtb 的申请，希望将其纳入 Sky 的 10 亿美元代币化大奖赛，该奖项旨在资助代币化的现实世界资产项目。

The launch of USDtb follows several successful audits by leading firms, including Pashov, Quantstamp, and Cyfrin, attesting to the token's safety and reliability.

USDtb 的推出是在 Pashov、Quantstamp 和 Cyfrin 等领先公司的多次成功审计之后推出的，证明了该代币的安全性和可靠性。