USDtb
Ethena Labs' fiat-backed stablecoin — distinct from synthetic [[usde]], used for risk-off allocation by Ethena treasury.
USDtb launched late 2024, backed primarily by BUIDL (BlackRock-managed Treasuries). Functions as the conservative cash-equivalent counterpart to Ethena's synthetic USDe — same issuer, opposite end of the risk spectrum.
Related terms
- EthenaThe issuer of [[usde]] (Synthetic Dollar) and [[susde]] (staked USDe) — a delta-neutral stablecoin built on perp funding.
- USDeEthena's synthetic dollar — collateralised by LSTs / LRTs hedged with short ETH perps.
- RWA (real-world assets)Tokenised off-chain assets — Treasuries, money-market funds, credit pools, real estate — used as on-chain collateral or yield products.
- BUIDLBlackRock's tokenised institutional money-market fund — issued on Ethereum + Solana via Securitize.