Ethena Introduces New Stablecoin Backed by BUIDL

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by Giorgi Kostiuk

2 years 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.

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