Ethena Labs unveils USDtb: BlackRock-Backed BUIDL Stablecoin offering unmatched scalability, Security, and a unique risk profile.

Ethena Labs launched USDtb, a dollar-pegged stablecoin designed to be backed primarily by tokenized short-duration U.S. Treasury exposure through BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), with Securitize handling the tokenization link between the fund and the stablecoin structure. The product was presented as distinct from Ethena’s existing USDe stablecoin: USDtb was described as a separate, more traditional reserve-backed dollar token with a different risk profile, rather than Ethena’s synthetic-dollar model. The launch matters because it ties a new stablecoin directly to a large traditional asset manager’s tokenized fund, which Ethena said could improve scale, liquidity, and risk management for its ecosystem. Ethena also indicated that USDtb could potentially be used as a backing asset for USDe, and the project was positioned as multichain from the start through LayerZero’s omnichain token standard, aiming to make it transferable across networks such as Ethereum, Base, Solana, and Arbitrum.

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