Key Takeaways:
- Rapid Launch Success: Ethena Labs’ new stablecoin, USDtb, reached $65.4M in TVL within 24 hours of its Dec. 16 launch, backed by BlackRock’s BUIDL Fund.
- Strong Reserves: USDtb’s reserves include 90% BlackRock’s USD Institutional Digital Liquidity Fund and 10% stablecoins like USDC, ensuring liquidity even during non-trading periods.
- High Growth Potential: Analysts predict USDtb could become the largest tokenized treasury product, with potential scaling to $100 billion amid stable APY tied to Treasury Bill rates.
Ethena Labs’ new stablecoin, USDtb, launched on December 16, achieving an impressive $65.4 million in total value locked (TVL) within its first 24 hours.
Backed primarily by BlackRock’s USD Institutional Digital Liquidity Fund(90%) and supplemented with stablecoins like USDC(10%), USDtb aims to provide liquidity and stability, especially during market downtimes.
Now tracking @ethena_labs USDtb on @ethereum
— DefiLlama.com (@DefiLlama) December 16, 2024
USDtb is an independent, bankruptcy-remote USD stablecoin issued by Pallas (BVI) Ltd., backed by institutional custodial investments and tokenized U.S. treasury funds pic.twitter.com/9Y9XuCs1qD
The stablecoin mirrors traditional models like USDT and USDC, maintaining 1:1 cash-equivalent reserves.
Ethena Labs highlights USDtb as a tool to assist its synthetic dollar, USDe, by reallocating hedging positions to reduce risks.
The project has undergone three audits by Pashov, Quantstamp, and Cyfrin, with no critical issues identified, and was approved by Ethena’s risk committee in September.
We are excited to announce Ethena's newest product offering: UStb
— Ethena Labs (@ethena_labs) September 26, 2024
UStb will be fully backed by @Blackrock BUIDL in partnership with @Securitize, enabling a separate fiat stablecoin product alongside USDe
Details below on why this is important: pic.twitter.com/jOIoMef7W3
Delphi Labs’ co-founder, José Maria Macedo, predicts USDtb could become the largest tokenized treasury productwithin a month, while Ethena Labs’ Seraphim Czecker sees potential to scale it to $100 billion by leveraging Treasury Bill yields.
USDtb’s launch follows Ethena’s success with USDe, now the third-largest stablecoin.
As the stablecoin market surpasses $200 billion, analysts foresee further growth to $400 billion by 2025, driven by favorable regulations and advancements.
Ethena’s rapid adoption highlights its growing influence in decentralized finance.
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