Ethena USDtb (BUIDL-backed stable) fund
Overview
USDtb is a stablecoin issued by the Ethena protocol, backed by BlackRock's BUIDL fund (a tokenized money market fund investing in U.S. Treasury bills). It is designed to provide a yield-bearing, fiat-collateralized stablecoin alternative within the Ethena ecosystem, typically used for DeFi collateral and liquidity.
Within the DeFi Intel graph, Ethena USDtb (BUIDL-backed stable) connects to 2 tracked entities, most strongly to Ethena Labs, Ethereum.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).
| Relation | Connected entity | Confidence |
|---|---|---|
issued_by | Ethena Labs | 95% |
deployed_on | Ethereum | 85% |
Frequently asked questions
What is Ethena USDtb (BUIDL-backed stable)?
USDtb is a stablecoin backed primarily by shares of BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) — over 90% of reserves — with the remainder held in other stablecoins. BUIDL holds short-term U.S. Treasury bills. It is issued by Ethena and aims to offer a regulated stablecoin option.
How does USDtb differ from Ethena's USDe?
While USDe is a synthetic dollar backed by derivatives positions and staked assets, USDtb is a fiat-backed stablecoin collateralized by BlackRock's BUIDL fund, making it more traditional and reliant on off-chain reserves.
What is the role of BUIDL in USDtb's backing?
BUIDL is a tokenized money market fund managed by BlackRock, investing primarily in U.S. Treasury bills and cash. USDtb is directly backed by BUIDL shares, meaning the stablecoin's value is derived from the underlying T-bill investments.
What is Ethena USDtb (BUIDL-backed stable) connected to?
In the DeFi Intel knowledge graph, Ethena USDtb (BUIDL-backed stable) is linked to 2 other tracked entities, most strongly to Ethena Labs, Ethereum.
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