Red-hot decentralized finance (DeFi) project Ethena said Monday it is rolling out its new stablecoin that aims to help stabilize the protocol’s flagship USDe token when crypto markets turn bearish.
The USDtb token aims to keep a steady $1 price and holds 90% of its reserves in BUIDL, the tokenized money market fund issued by asset management behemoth BlackRock and tokenization firm Securitize.
“In light of the rapidly accelerating demand for different stablecoin options, we saw a clear opportunity to provide a new product that offers users an entirely different risk profile from USDe without them having to leave our trusted ecosystem,” Ethena founder Guy Young said in a statement.
Ethena is one of the fastest-growing DeFi platforms this year, attracting nearly $6 billion of user funds since its public launch in early 2024. The protocol’s flagship token USDe, marketed as a “synthetic dollar” with a steady $1 price, generates yield to investors by shorting bitcoin (BTC), ether (ETH) and solan
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Author: Krisztian Sandor
