Ethena’s USDtb has already amassed more than $65 million in total value locked on the opening day.
Decentralized finance firm Ethena Labs rolled out its new BlackRock BUIDL Fund-backed stablecoin, USDtb, on Dec. 16, amassing $65.4 million in total value locked in the first day.
Ethena’s new USDtb stablecoin will function similarly to Tether (USDT) and USD Coin (USDC) as it is backed by cash or cash equivalents at a 1:1 ratio and could help holders of Ethena’s flagship product, USDe, “weather difficult market conditions.”
“Ethena will be able to close the hedging positions underlying USDe and re-allocate its backing assets to USDtb to further ameliorate related risks,” Ethena Labs said in a Dec. 16 announcement.
