Ethena's T-Bill stablecoin. 90%+ backed by BlackRock's BUIDL fund ($2.9B TVL).
Overview
Ticker
USDtb
Backing type
RWA-backed
Market cap
$1B+
Peg currency
USD
Issuer
Ethena Labs
Auditor
On-chain verifiable; BlackRock BUIDL as backing asset
Yield rate
~4-5% (T-bill passthrough via BUIDL)
Launch year
2024
Reserves
BlackRock BUIDL tokenized US Treasury fund, cash equivalents
Supported Chains
EthereumArbitrum
Regulatory
MiCA compliant
No
Jurisdiction
British Virgin Islands
Features
Programmable✓
Rebaseable—
Permissioned✓
Cross-chain✓
DeFi integrated✓
Institutional grade✓
Use Cases
Low-risk complement to USDeTokenized T-bill exposureInstitutional cash managementDeFi collateral with RWA backing
Connected Companies (1)
Networks / L1s & L2s