Synthetic dollar blockchain project Ethena has introduced USDtb, a new stablecoin backed by BlackRock's BUIDL tokenized fund, which holds over $500M in U.S. Treasury bills. Unlike its experimental derivative-based USDe token, USDtb operates as a fully reserved stablecoin, with each token pegged to the U.S. dollar and backed by assets equal to its issued value.
BlackRock’s Role in USDtb
BUIDL accounts for 90% of USDtb’s reserves, with the rest held in stablecoins for liquidity needs. USDtb aims for independence and bankruptcy protection by leveraging BlackRock’s investment structure. The token also uses trusted custodians like Coinbase Institutional and underwent thorough security audits.Differences Between USDe and USDtb
While USDe employs a derivative-based strategy with free-floating assets like BTC and ETH, USDtb offers a more stable risk profile, acting as a reserve during market volatility. Ethena’s Risk Committee recently approved USDtb as a reserve asset for USDe. Ethena's founder Guy Young emphasized the increasing demand for diverse stablecoins, stating USDtb provides users a safer alternative while remaining in the Ethena ecosystem.Future Prospects
USDtb is among contenders for Spark’s $1B Tokenization Grand Prix, which could enhance its liquidity and adoption. The project reflects growing interest in blending institutional-grade investments with blockchain-based innovations.
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