USDe issuer Ethena Labs has launched a new stablecoin, USDtb, in collaboration with asset tokenization platform Securitize, which specializes in real-world asset (RWA) tokenization.

Today we are launching our new stablecoin product, USDtb, backed by @BlackRock's BUIDL Fund in partnership with @Securitize

Read below for full details👇 pic.twitter.com/mSf3mWv3oF
— Ethena Labs (@ethena_labs) December 16, 2024

USDtb maintains its $1 peg by concentrating 90% of its reserves in BlackRock USD Institutional Digital Liquidity Fund (BUIDL).

BUIDL holds assets in U.S. dollars, short-term Treasury bills, and repo agreements. Since its launch in March, the fund’s AUM has surged to approximately $561 million, making it one of the largest in its segment.

“Amid growing demand for various stablecoin options, we saw an opportunity to create a new product with a completely different risk profile than USDe, without leaving our trusted ecosystem,” explained Ethena founder Guy Young.

The new offering will enable Ethena to close derivative positions in USDe and redirect underlying assets into USDtb during periods of negative funding rates.

Ethena also plans to use the new stablecoin as an alternative to USDe for margin collateral on centralized exchanges such as Bybit and Bitget, with which it already has partnerships.

USDtb custodians include Copper, Zodia Custody, Komainu, and Coinbase Institutional.

Market makers for the new stablecoin will include Jump, Cumberland, Amber Group, GSR Markets, and SCB Limited.

Ethena has also submitted USDtb for participation in the Sky Tokenization Grand Prix program (formerly MakerDAO), which aims to allocate up to $1 billion in RWAs.

Notably, on November 30, Donald Trump-affiliated project World Liberty Financial acquired $500,000 worth of Ethena Labs’ native ENA tokens.