USDtb has hit the market!
USDtb is a newly launched stablecoin issued by @ethena_labs, backed by @BlackRock's BUIDL Fund. This institutional-level tokenized treasury initiative is brought to you in collaboration with @Securitize.
Read more 🧵
twitter.com/ethena_labs/status/1868657723799470361
🏦 USDtb Structure Overview
• Issuer: Pallas (BVI) Ltd., responsible for issuing USDtb.
• Oversight Body: Pallas Foundation (Cayman Islands), focused on USDtb’s issuance, redemption, and growth, managed by an independent director.
• Asset Backing: Pallas Fund (BVI) Ltd., holds tokenized U.S. Treasury fund products and stablecoin reserves for rapid redemptions.
• Management: Athene Management Limited, recognized by BVIFSC, manages assets backing USDtb.
Unlocking New Potential for Ethena
Ethena’s Risk Committee has approved a new proposal: USDtb will now support USDe during challenging negative funding periods.
By incorporating USDtb, Ethena effectively links the crypto-native yield of USDe with the stable, risk-free returns of USDtb. This decision enhances the resilience and reliability of USDe’s yield.
Proposal details: gov.ethenafoundation.com/t/proposal-usdtb-as-a-usde-backing-asset-and-eligible-asset-for-the-reserve-fund/385
Can BUIDL Reclaim the Top Spot for Tokenized Treasury Tokens?
In partnership with @usualmoney, USYC from @Hashnote_Labs has soared to become the largest treasury bill token, adding a substantial $500M since 11/1, 2024.
With the debut of USDtb, can BUIDL regain its #1 status in tokenized treasury tokens?