Ethena Teams Up with BlackRock for New Stablecoin Backed by Tokenized Fund
Ethena (ENA) is preparing to introduce a new stablecoin, UStb, which will be backed by BlackRock's tokenized BUIDL fund.
UStb will function similarly to traditional stablecoins but will feature distinct risk characteristics compared to Ethena’s current stablecoin, USDe.
We are excited to announce Ethena’s newest product offering: UStb
UStb will be fully backed by @Blackrock BUIDL in partnership with @Securitize, enabling a separate fiat stablecoin product alongside USDe
Details below on why this is important: pic.twitter.com/jOIoMef7W3
— Ethena Labs (@ethena_labs) September 26, 2024
The UStb stablecoin will be supported by reserves held in BlackRock’s US Dollar Institutional Digital Liquidity Fund (BUIDL), BlackRock’s first tokenized asset fund managed by Securitize.
Ethena is expected to release more information about the launch and integration in the coming weeks.
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Ethena’s existing stablecoin, USDe, has already established itself as the fifth-largest stablecoin in circulation, with a supply of $2.6 billion.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
