USDtb (USDTB)

USDtb (USDTB) is a US dollar-pegged stablecoin issued by Ethena Labs, the team also behind the synthetic dollar token USDe. Deployed on Ethereum, USDtb is backed primarily by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), a tokenized fund holding cash, US Treasury bills and repurchase agreements, with the remainder of reserves kept in liquid stablecoins such as USDC to support redemptions.

Minting and redemption run through an onchain smart contract system available on demand, letting approved, KYC-verified participants exchange USDtb for the underlying reserve assets. The token carries no governance rights and functions purely as a transactional store of value, positioning it as a bridge between tokenized US Treasury exposure and onchain dollar liquidity for both retail users and institutions.