Ethena has introduced USDtb, a new stablecoin backed predominantly by BlackRock’s tokenized BUIDL fund. Over 90% of USDtb’s reserves will consist of U.S. government debt, cash, and repos, with the remainder held in stablecoins and tokenized Treasuries. 

Designed to complement Ethena’s synthetic dollar product, USDe, USDtb serves as a reserve asset to mitigate risks associated with USDe’s derivative-based strategy during unfavorable market conditions. The reserves for USDtb will be managed by Pallas, a BVI-based entity, while Ethena Labs will provide oversight and investment management through its subsidiaries. 

The stablecoin has undergone independent security audits and is supported by major liquidity providers such as Jump and GSR Markets. 

Finsum: While bitcoin is drawing a lot of crypto attention, stable coin could be a wonderful opportunity looking for slightly different in crypto.