Stablecoin record
Ethena USDtb
Ethena digital dollar backed by institutional tokenized U.S. Treasury fund products and a stablecoin reserve intended to support rapid redemptions.
LifecycleActive
Events1
Sources3
| Symbol | USDtb |
|---|---|
| Asset class | Stablecoin |
| Reference target | Fiat |
| Redemption / exit model | Issuer Redemption |
| Valuation source | Ethena USDtb reserve framework |
| Yield / rebase profile | No recorded change · Accrual: No recorded change |
| Classification notes | Active digital dollar with approved-counterparty creation and redemption and reserve exposure to tokenized funds and stablecoins. |
| Lifecycle status | Active |
| Issuance status | Restricted |
| Peg reference | Fiat · USD |
| Backing types | Tokenized Fund, Stablecoin Collateral |
| Stabilization | Issuer Redemption |
| Governance | Centralized |
| Primary organization | Ethena Labs |
| Primary role | Protocol Operator |
| Last reviewed | 2026-06-15 |
| Organization | Role | From | Until | Relationship status |
|---|---|---|---|---|
| Ethena Labs | Protocol Operator | — | — | Active |
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Compare this record with the rest of the archive.
Ethena Labs
Protocol Company · Unknown
Event history
1 event connected to this stablecoin.
| Disclosure status | Protocol Transparency and Custodian Attestations |
|---|---|
| Backing types | Tokenized Fund, Stablecoin Collateral |
| Summary | USDtb is backed by institutional tokenized U.S. Treasury fund products, initially including BUIDL, alongside a stablecoin reserve designed to facilitate rapid redemption liquidity. |
| As of | 2026-06-15 |
| Profile confidence | High |
| Current status | Institutional Only |
|---|---|
| Settlement asset | Supported reserve assets or dollar-equivalent settlement through approved creation and redemption counterparties |
| Eligible parties | Approved institutional counterparties and service-provider routes; general holders rely on market liquidity. |
| Retail access | Market Based |
| Institutional access | Approved Counterparty Direct |
| Minimum amount | Counterparty and route dependent. |
| Fee | Counterparty, liquidity, fund, and network costs may apply. |
| Settlement time | Counterparty and settlement-route dependent. |
| Regional limits | Approved counterparty onboarding and jurisdiction restrictions apply. |
| Section | Entries |
|---|---|
| Organizations | 1 |
| Sources | 3 |
| Reserve reports | 1 |
| Regulatory notes | 0 |
| Deployments | 1 |
| Issuer-control actions | 0 |
| Open questions | 2 |
| Events | 1 |
| Date | Event | Type | Detail kind | Recovered |
|---|---|---|---|---|
| — | Ethena launches USDtb | Launched | Launch | — |
| Date | Publisher | Type | Assets covered | Record confidence |
|---|---|---|---|---|
| — | Ethena | Custodian Attestation Index | Tokenized Treasury Fund, Stablecoin Reserve | High |
| Date | Title | Authority / publisher | Type | Summary |
|---|---|---|---|---|
| No regulatory notes have been added yet. | ||||
| Chain | Standard | Deployment | Status | Freeze | Blacklist | Control events | Contract | Notes |
|---|---|---|---|---|---|---|---|---|
| Ethereum | ERC-20 | Protocol Supported Token | Active | Unknown | Unknown | 0 | Not yet verified | Primary USDtb deployment; exact address normalization remains pending. |
| Source | Publisher | Type | Evidence scope | Reliability |
|---|---|---|---|---|
| Ethena USDtb documentation | Ethena | Official Documentation | Entity Identity, Reserve Composition, Stablecoin Liquidity Reserve, Entity and Reserve | High |
| Ethena USDtb launch announcement | Ethena | Official Statement | Launch, Product Identity, Launch and Identity | High |
| Ethena custodian attestations | Ethena | Reserve Report Index | Custodian Attestations, Reserve Reporting, Custody and Attestations | High |
| Topic | What remains unclear | Priority | Last checked |
|---|---|---|---|
| Legal Claim and Issuer Structure | Current public documentation explains backing and product operation but does not fully resolve the token holder's legal claim, reserve ownership, and all issuing or service entities. | High | 2026-06-15 |
| Direct Mint and Redemption Access | The exact current list of approved creation and redemption counterparties, minimums, fees, and settlement routes is not fully public in one durable source. | Medium | 2026-06-15 |