Ethena Launches Blackrock BUIDL Stablecoin UStb

Ethena is launching UStb, a stablecoin backed by BUIDL, BlackRock’s tokenized U.S. Treasuries fund, in partnership with Securitize, that will act as a complement to their existing USDe, the fifth-largest stablecoin.

What's the Scoop?

• Independent Product: UStb will exist as a separate product from USDe, offering users and exchanges a different risk profile. UStb will serve as margin collateral on platforms like Bybit and Bitget, expanding its use case.
• Interplay and USDe’s Performance: Despite market fluctuations, USDe has remained stable, though Ethena can now shift backing assets between USDe and UStb during adverse funding conditions.

Bankless Take: 

Ethena’s new UStb launch provides an intriguing counterbalance to USDe, addressing the major concerns about the stablecoin’s resilience amidst downturns. While relying on BlackRock’s tokenized U.S. Treasuries fund offers Ethena more stability, it also signifies the official “crypto-fication” of BUIDL, using it to build an officially crypto-native product rather than just offer treasury yield onchain.