Ethena Labs launches USDtb, a new stablecoin backed by BlackRockās BUIDL fund, boosting ENA token performance and market stability.
Author: Tanishq Bodh
Written On: Tue, 17 Dec 2024 03:21:41 GMT
Ethena Labs has officially launched its new stablecoin, USDtb, with nearly 90% of its reserves backed by BlackRockās BUIDL tokenized fund. This strategic move distinguishes USDtb from Ethenaās previous stablecoin, USDe, and strengthens its position in the market.
Ethena Labs introduced USDtb on December 16, marking a significant milestone as the first major stablecoin to utilize BlackRockās BUIDL fund as its primary backing. Approximately 90% of USDtbās reserves come from BUIDL, making it one of the most secure and cash-equivalent-backed stablecoins in the market.
The company clarified that USDtb is a āwholly independent productā separate from its first stablecoin, USDe. Unlike USDe, which relies on synthetic reserves, USDtb follows a more traditional stablecoin model similar to USDC and USDT, with reserves backed by cash and cash-equivalent assets.
āBlackRockās BUIDL represents the vast majority of the USDtb backing, currently the highest BUIDL allocation of any stablecoin in the market,ā Ethena Labs stated.
The launch of USDtb has sparked significant enthusiasm in the crypto community. Investors have shown confidence in Ethena Labsā innovative approach to stablecoin issuance, particularly with BlackRockās involvement, which adds credibility and market stability.
The excitement surrounding USDtbās release has also positively impacted the price of ENA, Ethena Labsā native token. ENA surged to its highest value in nearly eight months following the stablecoinās launch.
Ethena Labsā decision to back USDtb with BlackRockās BUIDL fund positions the stablecoin as a strong alternative in the market. It offers scalable, unrestricted transfers while maintaining a solid cash-equivalent reserve model.
This move not only diversifies Ethena Labsā product offerings but also underscores growing institutional participation in the crypto sector, particularly in tokenized assets.
The launch of USDtb represents a significant step forward in bridging traditional finance with decentralized digital assets, fostering trust and stability in the broader stablecoin ecosystem.
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