Yigit Taha OZTURK 
On December 16, Ethena Labs launched its new stablecoin, USDtb, amassing a total of $65.4 million in total value locked (TVL) within its first day. Supported by the BlackRock BUIDL Fund, USDtb is backed 1:1 by cash or cash-equivalent assets, designed to protect investors during volatile market conditions.
Backing Structure and Liquidity
USDtb derives 90% of its reserves from BlackRock’s USD Institutional Digital Liquidity Fund, while the remaining 10% consists of stablecoins like USDC. This reserve model ensures liquidity, especially during weekends or periods when U.S. Treasury bond markets are unavailable.
Ethena’s Head of Growth, Seraphim Czecker, stated that USDtb has the potential to scale to $100 billion, emphasizing its ability to create a yield floor tied to U.S. Treasury Bill rates in bearish market conditions.
José Maria Macedo, co-founder of Delphi Labs, predicted that USDtb would become the largest tokenized treasury product within a month of its launch. The stablecoin’s smart contract infrastructure underwent three separate audits in October—conducted by Pashov, Quantstamp, and Cyfrin—with no high or medium-level vulnerabilities identified.
With USDtb’s launch, Ethena aims to optimize capital allocation in declining markets while further strengthening the mechanisms supporting its existing stablecoin, USDe. This strategic move also minimizes associated risks while bolstering investor confidence.
Stablecoin Market Outlook
Ethena’s USDe recently surpassed Dai (DAI) to become the third-largest stablecoin. However, its market cap of $5.87 billion still significantly trails behind leaders USDT ($140.6 billion) and USDC ($42.1 billion).
The overall stablecoin market has exceeded $200 billion in value, marking rapid growth. Analysts anticipate this figure to double to $400 billion by 2025, driven by the potential approval of stablecoin regulations in the United States.
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