Quote
Ethena is set to launch a new stablecoin, UStb, in collaboration with the real-world asset tokenization platform Securitize.
UStb is designed to function in the same way as traditional stablecoins and is expected to invest its reserves in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which is tokenized on Ethereum, according to a statement shared with The Block.
BlackRock’s BUIDL fund invests in U.S. dollars, short-term U.S. Treasury bills and repurchase agreements. Since launching in March this year, BUIDL has swiftly grown to become the largest tokenized U.S. Treasuries fund, with over $522 million in assets under management.
UStb is designed to function in the same way as traditional stablecoins and is expected to invest its reserves in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which is tokenized on Ethereum, according to a statement shared with The Block.
BlackRock’s BUIDL fund invests in U.S. dollars, short-term U.S. Treasury bills and repurchase agreements. Since launching in March this year, BUIDL has swiftly grown to become the largest tokenized U.S. Treasuries fund, with over $522 million in assets under management.
https://www.theblock.co/post/318297/ethena-ustb-stablecoin-blackrock-buidl-securitize?utm_source=rss&utm_medium=rss
More stablecoins will join the race and the timing is perfect with the bull market but it is better to be careful with these new stablecoins.
If I'm not mistaken, this is the first time a BlackRock fund has created a stablecoin.