Ethena Announces UStb Stablecoin Backed by Blackrock's BUIDL

Ethena announced today that it's developing a new stablecoin called UStb, which invests its reserves in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). It's the second stablecoin from Ethena, as earlier this year it launched USDe, a synthetic stablecoin that derives its value from the cash-and-carry trade, an arbitrage strategy between an asset and its derivative to maintain its $1 peg. In a blog post, the team explained that UStb will be a "wholly independent product" with a different risk profile compared to USDe. USDe has brought about some concern from industry stakeholders.

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