Ethena and Securitize Introduce BlackRock-Backed Stablecoin USDtb in Tokenization Competition
- Ethena Promotes USDtb in Spark Tokenization Competition
- USDtb will be backed by over 90% of BlackRock's BUIDL fund
- Partnership with Securitize aims to facilitate swaps between USDtb and USDe
Ethena Labs, in partnership with tokenization platform Securitize, is pitching its new stablecoin, USDtb, to participate in Spark’s $1 billion tokenization competition. Known as the Tokenization Grand Prix, the competition offers up to $1 billion in liquidity to select partners. Spark is a lending platform within the Sky ecosystem, formerly known as MakerDAO, which recently rebranded its stablecoin DAI to USDS.
Ethena and @Securitize in partnership have submitted an application for USDtb to be included in @SkyEcosystem 's $1b Tokenization Grand Prix using @BlackRock BUIDL as the primary reserve asset backing
USDtb is the only stablecoin offering in the market with the capability to be… https://t.co/xdp7mUeZgS pic.twitter.com/zzGanRtGsJ
— Ethena Labs (@ethena_labs) November 29, 2024
Ethena’s proposal includes a swap facility between USDtb and USDe—another stablecoin issued by the company—aimed at enabling the Sky ecosystem to manage allocations between these assets in response to changes in interest rates. USDtb will have its reserves invested in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize, making up more than 90% of its initial collateral. Ethena claims this percentage is higher than that of other stablecoin issuers.
Ethena currently contributes approximately $120 million in annual revenue to the Sky ecosystem, representing approximately 30% of the total, according to the company. The partnership with Securitize and the use of BlackRock’s BUIDL as the primary reserve asset reinforces Ethena’s position in the stablecoin market. The company highlights that USDtb is the only stablecoin on the market that can be 100% backed by BlackRock’s BUIDL, providing flexibility to react to changes in the interest rate environment.
With the launch of USDtb scheduled for next week, Ethena is introducing a stablecoin product to the market that is initially backed by over 90% of BlackRock’s BUIDL. This allocation is the highest among stablecoin issuers, with other issuers limited to a lower maximum share due to differences in their structures. Ethena expects this initiative to strengthen its partnership with the Sky ecosystem, together with Securitize and BlackRock, by providing a secure and scalable solution for the stablecoin market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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