Ethena’s synthetic stablecoin USDe can benefit from incorporating UStb during periods of weak funding conditions, Ethena Labs said.
Ethena Labs, the developer of the decentralized stablecoin protocol Ethena, is working on a new stablecoin backed by a tokenized fund by a major Bitcoin (BTC) investor, BlackRock.
Ethena Labs took to X on Sept. 26 to officially announce its new stablecoin project, UStb (USTB), which will be built in partnership with BlackRock and the digital securities platform Securitize.
The stablecoin will be backed by BlackRock’s tokenized BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which offers a stable value of $1 per token.
