Ethena Labs Launches USDtb Stablecoin Backed by BlackRock
Ethena Labs launches new Stablecoin Today it is called “USDtb”. Nearly 90% of the stablecoin’s reserves are backed by BlackRock’s BUIDL tokenization fund.
This new asset complements Ethena’s previous stablecoin USDe and helps Ethena Labs navigate difficult market conditions.
Ethena Labs’ new stablecoin product
according to announcementUSDtb is a “completely independent product” USDe, Ethena’s first stablecoin. It clarified that the new offering has a different risk profile than USDe due to its strong support from BlackRock funds.
“dollar tb Functions similar to traditional stablecoins USDC or USDT, for example, utilize cash and cash-equivalent reserve assets to back each token. Blackrock’s BUIDL represents the vast majority of support for USDtb and currently has the highest BUIDL allocation of any stablecoin on the market. ”Ethena Labs point out on social media.
Ethena Labs announces its USDtb planned to launch in Septemberthe token finally went online today (December 16). The cryptocurrency community showed great enthusiasm as this is the first major stablecoin backed by BlackRock Tokenization fund.
Meanwhile, the intrigue surrounding the launch has been reflected in Ethena’s native token. After the news came out, ENA price surges to highest level since Aprilreaching $1.32. It has since made a brief correction and is currently trading at $1.20. The coin has gained nearly 117% in the past month.
New competitors in the stablecoin market
ENA has received multiple investments in the past few months, in anticipation of USDtb since September. according to Binancedonald trump’s World Free Finance (WLFI) Around $500,000 was recently invested in the coin. The joint venture also Invest in other altcoinssuch as LINK and ghost.
Furthermore, Ethena Labs claims that thanks to BUIDL support, the stablecoin can scale without any real limitations and users will enjoy free and unrestricted transfers.
Although the new stablecoin is completely Different products from USDethey will have a symbiotic relationship. Since USDtb is a relatively stable asset with large reserves, it can be used as a supporting asset for USDe.
“The Ethena Risk Committee last week approved a proposal to use USDtb as a USDe-backed asset. During periods of negative funding rates, Ethena will be able to close USDe’s hedging positions and reallocate its backing assets to USDtb to further mitigate related risk,” the company wrote in the announcement.
In other words, USDtb will allow Ethena to provide new options for consumers and Safety Make your own investment choices. With this launch, Esina Labs is looking to strengthen its position in the highly competitive stablecoin market.
While Tether’s USDT and Circles USDC have dominated the market for years, these new products could drive broader market competitiveness. Ripple’s new RLUSD stablecoin It’s also set to launch tomorrow. If these assets continue to gain popularity, Tether’s long-term dominance of the market may shrink by 2025.
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