Ethena Labs is excited to announce the public launch of a new stablecoin product, USDtb, which has its reserves invested in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) - in partnership with Securitize, the leader in the tokenization of real-world assets.
USDtb shares characteristics with existing fiat stablecoins such as USDC or USDT, utilizing cash or cash-equivalent reserves to back each token 1:1. Users are able to transfer USDtb freely and without restriction. USDtb is able to scale without practical constraints given the use of Blackrock’s BUIDL as the primary reserve asset, representing the vast majority (90%) of the overall reserves - the highest BUIDL allocation of any stablecoin.
USDtb exists as a wholly independent product from USDe, offering users and exchange partners a new option for their stablecoin needs that carries a completely differentiated risk profile compared to USDe.
USDtb can also help USDe better weather difficult market conditions. Ethena’s Risk Committee approved a proposal last week to onboard USDtb as a USDe backing asset. During periods of negative funding rates, Ethena will be able to close the hedging positions underlying USDe and re-allocate its backing assets to USDtb to further ameliorate related risks.
As part of our vision for USDtb, it may serve as an alternative to USDe as margin collateral on the centralized exchanges with which Ethena has already partnered, and any other exchanges that offer similar programs in the future.
USDtb is also being considered for an allocation for Spark’s $1bn Tokenization Grand Prix. The full application can be viewed here.
The core USDtb smart contracts passed 3 full audits from leading auditors Pashov, Quantstamp, and Cyfrin in October with no high or medium level findings, and passed a community-driven audit from Code4rena with no high or medium level findings.
USDtb’s public documentation is available at: docs.usdtb.money
For more information on USDtb, please visit https://usdtb.money/ which features a “Transparency” page providing visibility into the wallet addresses where USDtb reserve assets are custodied. USDtb is issued by Pallas (BVI) Ltd., an entity unaffiliated with Ethena Labs. Ethena Labs developed USDtb and supports its issuance as a service provider. Please see the documents available at docs.usdtb.money for more information on USDtb as well as relevant terms published by Pallas (BVI) Ltd.
USDtb launches as a LayerZero-powered OFT, enabling seamless cross-chain transfers between enabled networks. Alongside Ethereum mainnet, USDTB will be live on Base, Solana, and Arbitrum via LayerZero, bridgeable on Stargate.
USDtb contract address is: 0xC139190F447e929f090Edeb554D95AbB8b18aC1C
LP positions in Curve’s USDtb/USDe pool that are locked via app.ethena.fi will earn 30x rewards in Season 3.
Curve Pools:
USDC/USDtb pool - https://curve.fi/#/ethereum/pools/factory-stable-ng-314/depositAddress: 0xc2921134073151490193ac7369313c8e0b08e1e7
USDe/USDtb pool - https://curve.fi/#/ethereum/pools/factory-stable-ng-315/depositAddress: 0x2d9bf9c1befd77c094461df615bdbe905895f7c6
Custody:
Copper, Zodia, Komainu, Coinbase Web3 Wallet
Liquidity Providers:
Cumberland, Wintermute, Amber, GSR, SCB Limited
Auditors
Code4rena, Quantstamp, Cyfrin, Pashov
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Ethena Labs is excited to announce the public launch of a new stablecoin product, USDtb, which has its reserves invested in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) - in partnership with Securitize, the leader in the tokenization of real-world assets.
USDtb shares characteristics with existing fiat stablecoins such as USDC or USDT, utilizing cash or cash-equivalent reserves to back each token 1:1. Users are able to transfer USDtb freely and without restriction. USDtb is able to scale without practical constraints given the use of Blackrock’s BUIDL as the primary reserve asset, representing the vast majority (90%) of the overall reserves - the highest BUIDL allocation of any stablecoin.
USDtb exists as a wholly independent product from USDe, offering users and exchange partners a new option for their stablecoin needs that carries a completely differentiated risk profile compared to USDe.
USDtb can also help USDe better weather difficult market conditions. Ethena’s Risk Committee approved a proposal last week to onboard USDtb as a USDe backing asset. During periods of negative funding rates, Ethena will be able to close the hedging positions underlying USDe and re-allocate its backing assets to USDtb to further ameliorate related risks.
As part of our vision for USDtb, it may serve as an alternative to USDe as margin collateral on the centralized exchanges with which Ethena has already partnered, and any other exchanges that offer similar programs in the future.
USDtb is also being considered for an allocation for Spark’s $1bn Tokenization Grand Prix. The full application can be viewed here.
The core USDtb smart contracts passed 3 full audits from leading auditors Pashov, Quantstamp, and Cyfrin in October with no high or medium level findings, and passed a community-driven audit from Code4rena with no high or medium level findings.
USDtb’s public documentation is available at: docs.usdtb.money
For more information on USDtb, please visit https://usdtb.money/ which features a “Transparency” page providing visibility into the wallet addresses where USDtb reserve assets are custodied. USDtb is issued by Pallas (BVI) Ltd., an entity unaffiliated with Ethena Labs. Ethena Labs developed USDtb and supports its issuance as a service provider. Please see the documents available at docs.usdtb.money for more information on USDtb as well as relevant terms published by Pallas (BVI) Ltd.
USDtb launches as a LayerZero-powered OFT, enabling seamless cross-chain transfers between enabled networks. Alongside Ethereum mainnet, USDTB will be live on Base, Solana, and Arbitrum via LayerZero, bridgeable on Stargate.
USDtb contract address is: 0xC139190F447e929f090Edeb554D95AbB8b18aC1C
LP positions in Curve’s USDtb/USDe pool that are locked via app.ethena.fi will earn 30x rewards in Season 3.
Curve Pools:
USDC/USDtb pool - https://curve.fi/#/ethereum/pools/factory-stable-ng-314/depositAddress: 0xc2921134073151490193ac7369313c8e0b08e1e7
USDe/USDtb pool - https://curve.fi/#/ethereum/pools/factory-stable-ng-315/depositAddress: 0x2d9bf9c1befd77c094461df615bdbe905895f7c6
Custody:
Copper, Zodia, Komainu, Coinbase Web3 Wallet
Liquidity Providers:
Cumberland, Wintermute, Amber, GSR, SCB Limited
Auditors
Code4rena, Quantstamp, Cyfrin, Pashov
Ethena LabsCustodian Attestations of Assets Backing USDe: November
In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our thirteenth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol....
Ethena LabsSeason 5 Update
Season 4 HighlightsToday marks the end of Ethena Season 4 and the beginning of Season 5. Season 4 saw meaningful expansion of USDe across major venues. USDe became the fastest dollar asset to reach $10B in supply and continues to grow on the back of deeper integrations and partnerships. USDe’s adoption across DeFi grew significantly. Notably, “Aavependlethena” (where Pendle’s interest rate derivatives on USDe and sUSDe are used as collateral on Aave) grew to $6B+ in scale, reflecting USDe’s e...
Ethena LabsENA Token Launch
The Holy Grail: Internet MoneyApril 1st marks the end of the Ethena Shard Campaign, which ran for a duration of just 6 weeks in total - one of the industry’s shortest pre-token campaigns yet. USDe supply grew to over $1.3bn today. This represents the fastest USD-denominated asset to reach >$1bn supply ever in crypto. Ethena’s USDe supply is now: >1.5x larger than the entire tokenized treasury RWA market >3x larger than the entire onchain ETH open interest for every DEX combined Higher than al...
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