• 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

Zcash Surges to New High as Institutional Interest Grows

chest

Zcash (ZEC) has surged to a new year-to-date high of 590, driven by significant institutional investment from Multicoin Capital.

user avatarTenzin Dorje

Sabadell Joins European Banking Consortium for Stablecoin Initiative

chest

Spanish bank Sabadell has joined the Qivalis consortium aimed at launching a Europe-pegged stablecoin.

user avatarBayarjavkhlan Ganbaatar

Ripple CEO Highlights Critical Hearing for CLARITY Act's Future

chest

Ripple CEO Brad Garlinghouse emphasizes the importance of the upcoming Senate Banking Committee hearing for the CLARITY Act's progress.

user avatarMohamed Farouk

Bitcoin Holds Steady Above 80,000 as Market Recovery is Tested

chest

Bitcoin's price remains above 80,000, indicating a recovery from March lows, with differing behaviors observed among large holders.

user avatarElias Mukuru

Gerstein Harrow LLP Files Restraining Notice Over Ethereum Linked to Kelp DAO Hack

chest

Gerstein Harrow LLP has filed a restraining notice in a New York district court, claiming legal rights to approximately 30,766 Ethereum frozen after the Kelp DAO hack.

user avatarDiego Alvarez

Aave Takes Legal Action to Release Frozen Ethereum in Kelp DAO Hack Case

chest

Aave has filed an emergency motion in a New York district court to vacate a restraining notice blocking the Arbitrum DAO from accessing approximately 30,766 Ethereum frozen after the Kelp DAO hack.

user avatarKenji Takahashi

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.