Ethena USDtb

Ethena made its name with USDe, a synthetic dollar held near peg by hedging, and USDtb is its plainer, safer sibling. Launched in December 2024, this token is fully reserved, with more than ninety percent of its backing sitting in BlackRock's tokenized Treasury fund, BUIDL, and the rest in cash-like holdings. It gives Ethena a low-risk reserve asset to fall back on when funding conditions turn against USDe. Since October 2025 the issuer of record has been Anchorage Digital Bank, a federally chartered US institution that handles minting and redemption at par for onboarded institutional clients, while the USDtb brand is operated by a BVI entity, Pallas. Retail holders reach it on the open market across Ethereum and Solana. It is a bet that the safest onchain dollar is simply a wrapper around BlackRock's Treasuries.