USDtb
About
USDtb is a digital dollar stablecoin backed by institutional-grade tokenized treasury funds, specifically BlackRock's BUIDL fund. Created and managed by Ethena Labs, it provides a blockchain-based dollar alternative with 24/7 on-chain minting and redemption via Anchorage Digital Bank. The stablecoin is designed for use across DeFi, centralized exchanges, and traditional finance institutions.
Where Does Yield Come From?
USDtb's primary yield comes from its reserves, which are invested in BlackRock's BUIDL fund. This fund holds cash, U.S. Treasury bills, and notes. The treasury bills earn traditional interest income, though the protocol's documentation does not spell out exactly how that interest reaches USDtb holders.
Holders can also earn additional yield by lending their USDtb on other decentralized finance (DeFi) lending platforms. These include Aave, Morpho, Euler, and Fluid. When you supply USDtb there, you earn interest from borrowers plus promotional rewards from a program called Merkl.
USDtb is designed as a collateralized digital dollar. Its reserves are managed by Anchorage Digital Bank, aiming to keep the stablecoin stable. The backing comes from tokenized treasury assets and a reserve of U.S. dollars for liquidity.
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
Pashov Audit Group17-10-2024 - 20-10-2024 |
| The audit found only low-severity issues, all of which were either resolved or acknowledged, indicating a relatively secure codebase with no critical risks identified during the review period. |
Quantstamp23-10-2024 - 25-10-2024 |
| Quantstamp's audit found no critical or high-severity issues in the UStb stablecoin system, with only minor low and informational findings that were acknowledged or addressed by the team, indicating a generally secure implementation. |
Cyfrin23-10-2024 - 01-11-2024 |
| The audit revealed only low-severity and informational issues, with several already addressed, indicating a robust security posture for the RWA-backed stablecoin implementation. |
Code4rena04-11-2024 - 11-11-2024 |
| The audit uncovered two medium‑severity logic flaws in whitelist/blacklist enforcement during restricted transfer states, plus several low‑risk code‑quality issues, all of which were addressed by the team after the review. |
Backers
USDtb is created and managed by Ethena Labs. According to the official USDtb website, Ethena Labs investors include Fidelity, Franklin Templeton, Dragonfly, Binance, Bybit, OKX, and Deribit. These are institutional investors and major cryptocurrency exchanges that have invested in Ethena Labs, the protocol behind USDtb. No specific funding round amounts, dates, or valuation details are disclosed on the official USDtb or Ethena websites.
Legal
Legal form
Company (Pallas (BVI) Ltd)
Registration jurisdiction
British Virgin Islands
Status and notes
The usdtb.money website is operated by Pallas (BVI) Ltd according to the Terms of Use and Privacy Policy. USDtb stablecoin is created and managed by Ethena Labs. Legal terms available at docs.usdtb.money/legal-terms/ (Terms of Use, Privacy Policy, Cookie Policy).