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Athena Laboratories Announce the launch USDtb A stable coin, which will benefit Black Rock The tokenized fund, US Dollar Institutional Digital Liquidity Fund (BUIDL), for 90% of its backing.
According to the December 16 announcement, the partnership is facilitated by Securitize.
USDtb will operate independently of Ethena’s existing algorithmic stablecoin, USDe, offering users and exchange partners a stablecoin with a different risk profile. Ethena’s Risk Committee also approved USDtb as a potential backing asset for US dollarswhich enhances its ability to navigate volatile market conditions.
USDtb’s design provides flexibility and risk mitigation across the Ethena ecosystem and beyond Spark’s $1 billion token jackpot to direct incentives toward the stablecoin. This initiative will enhance coding efforts.
Additionally, USDtb is inherently multi-chain, and is designed as Scratch layer Omnichain Fungible Token (OFT). Users can transfer USDtb across different blockchains, e.g Ethereuma base, Solanaand resolution.
USDtb liquidity will be supported by prominent market makers, including… Jumpingcumberland, WinterkmtAnd Amber, GSR and SCB Limited.
It is worth noting that Ethena Labs’ move represents an important step forward for stablecoins, which combine the stability of traditional finance with the efficiency and scalability of blockchain. BlackRock’s BUIDL currently has a market capitalization of approximately $562 million.
Moreover, it strengthens Ethena’s position in the stablecoin market following its success Algorithmic stablecoin USDe, which has grown by 93% over the past 30 days to reach a market cap of $5.6 billion – making it the third largest stablecoin on the market.
The growth can be closely linked to the value accumulation mechanism, which gives USDe shareholders a 27% annualized yield (APY) as of press time.
TradFi meets DeFi
In addition to Ethena Labs, other DeFi protocols are also considering leveraging BUIDL.
Money market platform ghost Suggested New GHO Stabilization Module (GSM) on August 26 Based on BlackRock’s token fund. Aave created the GSM system to help maintain a peg to its ecosystem’s stablecoin, GHO.
Meanwhile, BlackRock Plans for expansion BUIDL offer to traditional finance giants. An asset manager is considering using shares of his premium fund as collateral for derivatives trading.
Such a move would Connecting the trillion-dollar derivatives market to the emerging token funds sector, which has a market size of about $3 billion as of December 16.
