{"id":17305,"date":"2024-09-26T15:53:54","date_gmt":"2024-09-26T12:53:54","guid":{"rendered":"https:\/\/forklog.com\/en\/ethena-to-launch-stablecoin-backed-by-blackrocks-buidl\/"},"modified":"2024-09-26T15:53:54","modified_gmt":"2024-09-26T12:53:54","slug":"ethena-to-launch-stablecoin-backed-by-blackrocks-buidl","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ethena-to-launch-stablecoin-backed-by-blackrocks-buidl\/","title":{"rendered":"Ethena to Launch Stablecoin Backed by BlackRock&#8217;s BUIDL"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>The new &#8220;stablecoin&#8221; will be backed by the BUIDL tokenization fund from investment giant BlackRock.\u00a0<\/li>\n<li>Ethena Labs representatives assured the community of the resilience of the &#8220;synthetic dollar&#8221; USDe.<\/li>\n<\/ul>\n<\/div>\n<p>USDe issuer Ethena Labs is preparing to launch the UStb stablecoin in collaboration with Securitize, a platform specializing in the tokenization of real-world assets (RWA).<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are excited to announce Ethena&#8217;s newest product offering: UStb<\/p>\n<p>UStb will be fully backed by <a href=\"https:\/\/twitter.com\/BlackRock?ref_src=twsrc%5Etfw\">@Blackrock<\/a> BUIDL in partnership with <a href=\"https:\/\/twitter.com\/Securitize?ref_src=twsrc%5Etfw\">@Securitize<\/a>, enabling a separate fiat stablecoin product alongside USDe<\/p>\n<p>Details below on why this is important: <a href=\"https:\/\/t.co\/jOIoMef7W3\">pic.twitter.com\/jOIoMef7W3<\/a><\/p>\n<p>\u2014 Ethena Labs (@ethena_labs) <a href=\"https:\/\/twitter.com\/ethena_labs\/status\/1839258925981642834?ref_src=twsrc%5Etfw\">September 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;UStb will be fully backed by <a href=\"https:\/\/forklog.com\/en\/news\/blackrocks-rwa-fund-assets-surpass-500-million\">BUIDL from BlackRock<\/a> in partnership with Securitize, allowing for a separate fiat stablecoin product alongside USDe,&#8221; project representatives noted.<\/cite><\/p><\/blockquote>\n<p>BlackRock USD Institutional Digital Liquidity holds assets in US currency, short-term treasury bills, and <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%A1%D0%B4%D0%B5%D0%BB%D0%BA%D0%B0_%D0%A0%D0%95%D0%9F%D0%9E\">REPO agreements<\/a>. Since its <a href=\"https:\/\/forklog.com\/en\/news\/bernstein-evaluates-the-prospects-of-blackrocks-tokenized-fund\">launch in March<\/a>, the <span data-descr=\"assets under management\" class=\"old_tooltip\">AUM<\/span> of the fund has grown rapidly, making it the <a href=\"https:\/\/app.rwa.xyz\/treasuries\">largest in its segment (~$522 million)<\/a>.<\/p>\n<p>The total market volume of tokenized securities exceeds $2.2 billion.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"377\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/rwa-1024x377.png\" alt=\"rwa\" class=\"wp-image-242026\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/rwa-1024x377.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/rwa-300x110.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/rwa-768x283.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/rwa-1536x566.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/rwa.png 1629w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/app.rwa.xyz\/treasuries\">rwa.xyz<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">USDe<\/h2>\n<p>Launched in February, the &#8220;synthetic dollar&#8221; USDe has become the fifth-largest stablecoin by market capitalization, reaching $2.55 billion.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"367\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/stables-1-1024x367.png\" alt=\"stables-1\" class=\"wp-image-242027\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/stables-1-1024x367.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/stables-1-300x107.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/stables-1-768x275.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/stables-1.png 1281w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Largest stablecoins by market capitalization. Data: <a href=\"https:\/\/www.coingecko.com\/en\/categories\/stablecoins\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>This asset differs from traditional &#8220;stablecoins&#8221; by employing derivative hedging strategies instead of direct backing with fiat money and\/or financial instruments.\u00a0<\/p>\n<p>USDe uses Bitcoin, Ethereum, <a href=\"https:\/\/forklog.com\/en\/news\/ethena-labs-incorporates-solana-as-collateral-for-usde\">Solana<\/a>, and other crypto assets as collateral. A mint and burn system is employed to maintain the peg to the US dollar. Yield is generated through cash-and-carry arbitrage, among other methods.<\/p>\n<p>The community has repeatedly expressed concerns about various risks, including <span data-descr=\"depeg\" class=\"old_tooltip\">depeg<\/span> of USDe. For instance, CryptoQuant analysts <a href=\"https:\/\/forklog.com\/en\/news\/cryptoquant-advises-usde-holders-to-monitor-reserve-fund\">recommended<\/a> monitoring the stablecoin&#8217;s reserve fund. According to their calculations, under conditions of negative funding rates, the structure can be maintained if the &#8220;synthetic dollar&#8221; capitalization does not exceed $3 billion.<\/p>\n<h2 class=\"wp-block-heading\">Ethena&#8217;s Response to the Community<\/h2>\n<p>Ethena representatives <a href=\"https:\/\/x.com\/ethena_labs\/status\/1839258972299427912\">wrote<\/a> the following:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;Despite the bearish conditions of the past six months, Ethena sUSDe has not experienced a single week of negative funding.&#8221;<\/cite><\/p><\/blockquote>\n<p>According to them, the composition of the &#8220;synthetic dollar&#8221; collateral can be adjusted if necessary. USDe may benefit from the inclusion of UStb &#8220;during periods of weak funding conditions.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;If management deems it necessary and appropriate under negative funding conditions, Ethena can open hedging positions and reallocate these auxiliary assets into UStb to further mitigate risk,&#8221; the developers emphasized.<\/cite><\/p><\/blockquote>\n<p>The company also intends to use the new stablecoin as an alternative to USDe for margin collateral on centralized exchanges like Bybit and Bitget, with which it has already partnered.<\/p>\n<p>Previously, attackers targeted the frontend of the Ethena protocol.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new &#8220;stablecoin&#8221; will be backed by the BUIDL tokenization fund from investment giant BlackRock.\u00a0 Ethena Labs representatives assured the community of the resilience of the &#8220;synthetic dollar&#8221; USDe. USDe issuer Ethena Labs is preparing to launch the UStb stablecoin in collaboration with Securitize, a platform specializing in the tokenization of real-world assets (RWA).<\/p>\n","protected":false},"author":1,"featured_media":17304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1282,865,1500,1150,1308],"class_list":["post-17305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-asset-tokenization","tag-blackrock","tag-ethena","tag-news-plus","tag-rwa"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17305"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17304"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}