Key details:
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BUIDL is the most important tokenized US Treasury bond fund.
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Ethena already points one other stablecoin, USDe.
Ethena, an organization identified within the cryptocurrency ecosystem for its USDe stablecoin, has introduced the launch of a brand new stablecoin, UStb, in collaboration with Securitize, a real-world asset tokenization platform.
This new stablecoin can be backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which has turn out to be the most important tokenized US Treasury bond fund. with greater than USD 522 million in property beneath administration since its launch in March of this 12 months.
UStb is designed to function equally to conventional stablecoins, sustaining a continuing worth of 1 US greenback. UStb reserves can be invested in {dollars}, short-term US Treasury payments and repurchase agreements. This strategy differs from its predecessor, USDe, that makes use of hedging methods with derivatives primarily based on cryptoassets reminiscent of bitcoin, ether and solana to preserve its parity with the greenback.
Securitize, which has facilitated over $950 million in tokenized investments, performs a vital function on this launch, having beforehand labored with BlackRock and different giant monetary entities reminiscent of Hamilton Lane and KKR.
UStb can be a “fully independent product” from USDe, providing another danger profile, in accordance to Ethena. This diversification might assist the agency navigate opposed market situations, permitting it to shut USDe hedging positions. and reallocate property to UStb if situations require it.
The Ethena workforce has expressed that UStb might additionally function a margin assure in centralized exchanges, thus increasing its usefulness past mere worth parity (a attribute that each one stablecoins preserve, as learn in Criptopedia, instructional part of CriptoNoticias ).
This transfer follows a 44% rise within the worth of ENA, Ethena’s governance token, over the previous seven days, reaching $0.35 earlier than a 13% improve following the announcement. standing at 0.37 {dollars}.
UStb’s entry into the stablecoin market happens in a context the place giant gamers reminiscent of USD Tether (USDT) and USD Coin (USDC) dominate, however it additionally aligns with the rising development of different giant monetary and technological entities in exploring or launch their very own stablecoins, reminiscent of Société Générale and Revolut, suggesting rising curiosity in diversifying and increasing the stablecoin ecosystem.
This article was created utilizing synthetic intelligence and edited by a human Editor.
