As a seasoned researcher with a keen eye for emerging trends in decentralized finance, I find the launch of Ethena Labs’ USDtb stablecoin to be a noteworthy development. With my background in understanding the intricacies of stablecoins and their role in providing stability in volatile markets, it is evident that USDtb, backed by BlackRock and boasting high praise from industry veterans like José Maria Macedo, has the potential to disrupt the market landscape.
On December 16th, the decentralized finance company Ethena Labs launched their new stablecoin, USDtb, which is backed by BlackRock BUIDL Fund. In the initial day, a total of $65.4 million was secured within this digital asset.
Ethena’s latest USDt-backed stablecoin operates in much the same way as Tether (USDT) and USD Coin (USDC), since it is supported by cash or cash equivalents at a 1:1 ratio. This new asset could potentially assist users of Ethena’s main product, USDe, during challenging market situations.
According to a statement made by Ethena Labs on December 16, Ethena will have the capacity to wrap up the securities tied to USDe and redirect its underlying assets towards USDtb. This action is intended to minimize potential risks associated with these financial instruments.
USDt, a tokenized treasury product, has garnered significant acclaim from José Maria Macedo, a co-founder at blockchain research and development company Delphi Labs, who anticipates that it could potentially become the biggest such product within a month after its launch due to its impressive qualities.
Seraphim Czecker, Ethena’s head of growth, stated that USDtb could grow to reach a market value of $100 billion. This is possible because the company can now efficiently manage capital during bearish economic periods by establishing an “annual percentage yield (APY) base” around the Treasury Bill rate.
The stablecoin is almost entirely supported by the BlackRock USD Institutional Digital Liquidity Fund, a collaboration with Securitize, which specializes in tokenizing securities on the blockchain.
Among Ethena’s committee, Analiticia Block pointed out in the recently accepted proposal that a portion of 10%, composed by stablecoins such as USDC, would supplement the USDt’s reserves. This could offer extra liquidity during weekends or periods when US Treasury bill markets are closed.
USDtb’s fundamental smart contract components successfully completed three thorough audits conducted by audit firms Pashov, Quantstamp, and Cyfrin in October, revealing no significant or moderate issues.
Notably, Ethena’s USDe stablecoin has just outpaced Dai (DAI), making it the third-biggest stablecoin on the market, with USDT and USDC still leading the pack.
Meanwhile, DefiLlama’s data indicates that USDe’s market capitalization at $5.87 billion is significantly smaller compared to that of USDT and USDC, which stand at $140.6 billion and $42.1 billion respectively.
The stablecoin market cap recently surpassed $200 billion, and crypto asset manager Bitwise expects that number to double to $400 billion in 2025, citing the likely passing of stablecoin legislation in the US.
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2024-12-17 05:35