Ethena Labs Launches USDtb Stablecoin Backed by BlackRock’s BUIDL

Ethena Labs’ New Stablecoin Offering

According to the announcement, USDtb is a “wholly independent product” from USDe, the first stablecoin from Ethena. It clarified that this new offering has a different risk profile from USDe due to its substantial backing from BlackRock’s fund.

“USDtb functions like a traditional stablecoin such as USDC or USDT, utilizing cash and cash-equivalent reserve assets to back each token. Blackrock’s BUIDL represents the vast majority of the USDtb backing, currently the highest BUIDL allocation of any stablecoin in the market,” Ethena Labs stated on social media.

Ethena Labs announced its plan to introduce USDtb back in September, and the token finally went live today, December 16. There is notable enthusiasm in the crypto community, as this is the first major stablecoin to be backed by BlackRock’s tokenization fund.

Meanwhile, the intrigue surrounding this launch has been reflected in Ethena’s native token. Following the news, ENA surged to its highest price since April, reaching $1.32. Since then, it has based brief corrections and currently trades at $1.20. The token has gained nearly 117% in the past month.

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Author: Landon Manning

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