USDtb

USDtb is a stablecoin launched in December 2024 by Ethena, the developer of the synthetic dollar USDe. Unlike USDe, it relies not on derivatives positions but mainly on real-world assets such as BUIDL, BlackRock's tokenized US Treasury fund. DefiLlama classifies USDtb among fiat-backed stablecoins.

Ethena positions USDtb both as a standalone stablecoin and as a reserve asset that can be used in USDe's collateral structure when market conditions turn unfavourable. The token is available on the Ethereum and Solana networks. Ethena has also announced that it is working with a licensed US entity to move USDtb into a structure compliant with US stablecoin regulations. BUIDL is a fund that invests in short-term US Treasury bills and similar liquid assets and is tokenized with Securitize infrastructure; alongside units of this fund, USDtb's reserves may also include stablecoins held for liquidity purposes.

The dollar peg is a design goal; the liquidity of the reserves and the redemption processes are decisive for this goal. On Lzzo.com, the USDtb price comes from DefiLlama's US dollar reference data and is for information only.