• 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

Vitalik Buterin Advocates for Decentralized Oracles to Combat Prediction Market Manipulation

chest

Ethereum founder Vitalik Buterin emphasizes the urgent need for decentralized oracles to combat manipulation in prediction markets.

user avatarMaria Fernandez

Decentralized Oracles: Key to Fair and Trustworthy Prediction Markets

chest

Decentralized oracles are essential for ensuring the accuracy and fairness of prediction markets by aggregating data from multiple sources.

user avatarGustavo Mendoza

New Editorial Policy Aims for Enhanced Accuracy and Impartiality

chest

A new editorial policy has been established to ensure accuracy, relevance, and impartiality in reporting.

user avatarRajesh Kumar

Aptos (APT) Develops Bullish Harmonic Pattern, Signaling Potential Price Increase

chest

Aptos (APT) is forming a Bearish Butterfly harmonic pattern, indicating a potential price increase.

user avatarMiguel Rodriguez

Crypto Market Shows Mixed Signals as Bitcoin Gains and Ethereum Declines

chest

The crypto market shows mixed momentum with Bitcoin slightly up by 0.50% and Ethereum down by 2%, creating a fragmented environment for altcoins.

user avatarLuis Flores

Governments Tighten Crypto Tax Regulations Amid Growing Trading Volumes

chest

As trading volumes in the cryptocurrency market rise, governments are tightening regulations on crypto taxation, prompting investors to improve record-keeping and compliance.

user avatarMaria Gutierrez

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.