USDtb
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Ethena is a pioneering synthetic dollar protocol built on the Ethereum blockchain, offering a crypto-native alternative to traditional financial systems. Its flagship product, USDe, is a synthetic dollar designed to provide stability and scalability without relying on conventional banking infrastructure.
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In December 2024, Ethena introduced USDtb, a stablecoin backed primarily by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL). This fund invests in short-term U.S. government debt, cash, and repos, providing a stable and secure foundation for USDtb. The stablecoin's reserves are composed of approximately 90% BUIDL and 10% stablecoins like USDC to facilitate liquidity and redemptions. USDtb offers a distinct risk profile compared to Ethena's earlier synthetic dollar token, USDe, which utilizes a derivative-based trading strategy. By being fully backed by reserve assets, USDtb provides users with a more stable and reliable digital asset option.
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