Yesterday Ethena Labs went live with a conventional stablecoin USDtb, primarily (90%) backed by BlackRock’s BUIDL money market fund, with the balance in other stablecoins. This is notable because Ethena Labs was the founder of the third largest stablecoin, USDe, which has a market capitalization of almost $6 billion after launching at the start of this year. The $6 billion stablecoin is based on the Ethena Protocol that uses derivatives to stabilize the price. Some class it as an algorithmic stablecoin, although Ethena prefers the term ‘synthetic dollar’. It currently offers a 27% yield, which is substantially less than it has been.
Turning to the news, for the conventional stablecoin USDtb, Ethena has a partnership with Securitize, the tokenization firm responsible for bringing BUIDL on chain.
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