USDtb USDTB price

USDtb (USDTB) is a dollar-pegged stablecoin issued by Ethena Labs, the team behind the USDe synthetic dollar. While USDe relies on a hedging strategy, USDtb follows the more traditional model of a reserve-backed stablecoin, holding cash and cash-equivalent assets.

The large majority of USDtb's reserves are held in BlackRock's BUIDL tokenized money market fund, which invests in US Treasury bills and similar short-term instruments. USDtb is issued with Anchorage Digital, a federally chartered crypto bank in the US, as part of an effort to fit within the GENIUS Act framework for stablecoins.

Ethena also uses USDtb as a safety valve for USDe. When funding rates in futures markets turn negative and USDe's hedging strategy stops earning, the protocol can move USDe's backing into USDtb to reduce risk.