• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Ethena Introduces New Stablecoin Backed by BUIDL

user avatar

by Giorgi Kostiuk

a year ago

Ethena introduces a new stablecoin USDtb, backed by the BUIDL token, to ensure its stability even amidst market volatility.

Keeping Things Stable

The new USDtb token aims to keep its price pegged at $1 by holding 90% of its reserves in BUIDL, a token tied to real-world assets managed by BlackRock. Ethena’s founder, Guy Young, stated that this token offers investors an additional tool, especially in downturns.

We saw an opportunity to offer a new stablecoin with a different level of risk while keeping users within our ecosystem.Guy Young

Why Is This a Big Deal?

Ethena's current flagship token, USDe, functions as a 'synthetic dollar,' but this strategy can become risky under bearish market conditions. In such scenarios, Ethena can redirect resources into USDtb, providing greater stability and protection from losses.

USDtb functions like a traditional stablecoin, utilizing cash and cash-equivalent reserve assets to back each token.None

Ethena’s Rapid Rise

Since its launch in early 2024, Ethena has attracted nearly $6 billion in user funds. The new USDtb token may help Ethena navigate challenges and offer users a safer option. The protocol also received a boost from an investment by World Liberty Financial.

The launch of USDtb will support Ethena through tough times, providing users with stability and security.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Cursor AI Transitions to a Comprehensive Development Platform

chest

Cursor AI is evolving from a coding assistant to a comprehensive development platform, focusing on team collaboration and complex functions.

user avatarMaya Lundqvist

Tajikistan Introduces Harsh Penalties for Illegal Cryptocurrency Mining

chest

The government of Tajikistan is set to impose severe fines and prison sentences for miners illegally using electricity to mine cryptocurrencies.

user avatarJesper Sørensen

Science Corp's Commercial Path for Brain-Computer Interfaces

chest

Science Corp outlines a clear commercial trajectory for brain-computer interface (BCI) technology, focusing on medical applications with therapeutic benefits.

user avatarRajesh Kumar

Max Hodak Expresses Concerns Over Social Media

chest

Max Hodak expresses concerns about the dangers of social media platforms like Twitter, prioritizing them over potential hacking of brain-computer interfaces.

user avatarFilippo Romano

Max Hodak Achieves Vision Restoration Breakthrough

chest

Max Hodak, co-founder of Neuralink, announces a breakthrough in vision restoration with a retinal implant smaller than a grain of rice, potentially enabling 80% of blind patients to read again.

user avatarLucas Weissmann

Visa Survey Highlights AI and Cryptocurrency's Role in Holiday Shopping

chest

Visa's survey highlights the growing influence of AI tools and cryptocurrency on consumer spending during the holiday season, particularly among Gen Z shoppers.

user avatarEmily Carter

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.