The issuer of the USDe stablecoin, Ethena Labs, has launched a new stablecoin, USDtb, in partnership with Securitize, a platform specializing in the tokenization of real-world assets (RWA).
To maintain its 1:1 peg with the dollar, USDtb holds 90% of its reserves in the BlackRock USD Institutional Digital Liquidity (BUIDL) fund. This fund invests in U.S. dollars, short-term Treasury bills, and repo agreements. Since its launch in March, the fund’s assets have grown significantly, reaching $561 million, making it one of the largest in its segment.
Ethena founder Guy Young explained:
“Amid growing demand for various types of stablecoins, we saw an opportunity to create a new product with a different risk profile than USDe, without leaving our trusted ecosystem.”
The new product will allow Ethena to efficiently close derivative positions in USDe and redirect underlying assets into USDtb during periods of negative funding rates.
Ethena also plans to use USDtb as an alternative to USDe for margin collateral on centralized exchanges such as Bybit and Bitget, with which partnerships have already been established.
The custodians for USDtb will be:
- Copper
- Zodia Custody
- Komainu
- Coinbase Institutional
Market makers will include leading firms:
- Jump
- Cumberland
- Amber Group
- GSR Markets
- SCB Limited
Ethena has also applied for USDtb to participate in the Tokenization Grand Prix program by Sky (formerly MakerDAO), which aims to invest up to $1 billion in tokenized real-world assets (RWA).
