6 months ago
Red-hot decentralized concern (DeFi) task Ethena said Monday it is rolling retired its caller stablecoin that aims to assistance stabilize the protocol's flagship USDe token erstwhile crypto markets crook bearish.
The USDtb token aims to support a dependable $1 terms and holds 90% of its reserves successful BUIDL, the tokenized wealth marketplace money issued by plus absorption behemoth BlackRock and tokenization steadfast Securitize.
"In airy of the rapidly accelerating request for antithetic stablecoin options, we saw a wide accidental to supply a caller merchandise that offers users an wholly antithetic hazard illustration from USDe without them having to permission our trusted ecosystem,” Ethena laminitis Guy Young said successful a statement.
Ethena is 1 of the fastest-growing DeFi platforms this year, attracting astir $6 cardinal of idiosyncratic funds since its nationalist motorboat successful aboriginal 2024. The protocol's flagship token USDe, marketed arsenic a "synthetic dollar" with a dependable $1 price, generates output to investors by shorting bitcoin (BTC), ether (ETH) and solana (SOL) perpetual swaps and farming the backing rates. This investment strategy offers lofty yields – presently 27% annualized – erstwhile crypto markets are successful bull mode, but tin quickly crook unprofitable erstwhile things crook bearish with persistently antagonistic backing rates.
The caller offering volition let Ethena adjacent the underlying derivatives positions down USDe and divert the backing assets to USDtb during periods of antagonistic backing rates and mitigating risks, the Ethena squad explained.
The protocol besides aspires to get USDtb accepted arsenic collateral successful the aboriginal for borderline trading connected centralized exchanges.
Read more: Tokenized Treasuries: A Game-Changer for Collateral successful Crypto Markets
Ethena enlisted Copper, Zodia Custody, Komainu, and Coinbase Institutional arsenic custodians for USDtb, according to a property release. Liquidity providers for the token see Jump, Cumberland, Amber Group, GSR Markets and SCB Limited.
Ethena besides applied with the caller USDtb stablecoin for Sky's, formerly MakerDAO, alleged Tokenization Gran Prix program that aims to put up to $1 cardinal funds successful tokenized real-world plus (RWA) products.
The protocol's governance token precocious garnered the attraction of President-elect Donald Trump DeFi task World Liberty Financial, which purchased immoderate $500,000 worthy of tokens connected Saturday, blockchain data showed. ENA subsequently rallied 25% implicit the play earlier paring immoderate of the beforehand connected Monday.
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