The newly launched stablecoin USDtb, created by Ethena Labs in collaboration with the BlackRock BUIDL Fund, achieved a total value locked (TVL) of $65.4 million (around IDR 1 trillion) on its first day of trading on Monday, December 16, 2024.
This high TVL led one of the founders of blockchain research and development company Delphi Labs, Jose Maria Macedo, to predict that USDtb will become the largest treasury token product within a month of launch.
The USDtb stablecoin functions similarly to Tether (USDT) and USD Coin (USDC), as it is backed by cash or cash equivalents at a 1:1 ratio. It is designed to help holders of Ethena’s flagship product, USDe, “navigate challenging market conditions,” as Ethena can close out the underlying hedge positions of USDe and allocate its supporting assets to USDtb.
Background and Future of USDtb
USDtb is also 90% backed by BlackRock’s USD Institutional Digital Liquidity Fund, in partnership with blockchain tokenization company Securitize.
Before its release this month, USDtb was greenlit after being approved by Ethena’s Risk Committee at the end of September.
According to Ethena’s Head of Growth, Seraphim Czecker, USDtb has the potential to grow to $100 billion (approximately IDR 1.606 trillion), as the company can now effectively allocate capital in a bearish environment by “creating a ‘floor’ APY around the T-Bill rate.”
Additionally, the USDtb smart contract has passed three full audits from auditing firms Pashov, Quantstamp, and Cyfrin in October, with no high or medium-level findings.
If stablecoin legislation is passed in the U.S., the market capitalization of stablecoins, which recently surpassed $200 billion (around IDR 3.212 trillion), is expected to double to $400 billion (around IDR 6.424 trillion) by 2025.
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