Ethena Leverages Curve Finance to Support USDtb Launch: A Stablecoin Backed by BlackRock and Securitize

Ethena, in collaboration with Securitize and backed by BlackRock’s BUIDL, has launched USDtb, a new stablecoin set to be integrated into Curve Finance, the leading decentralized exchange for secondary markets. As the go-to platform for serious asset issuers, Curve’s trusted infrastructure ensures seamless integration into decentralized markets, further solidifying its role as a cornerstone of the DeFi ecosystem and a critical bridge between Traditional Finance (TradFi) and Decentralized Finance (DeFi).

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which recently grew to $550M, will now serve as primary collateral for Ethena's USDtb, marking BUIDL's second major integration with a DeFi protocol. Securitize, an SEC-registered platform, will manage the tokenization.

Curve’s AMM infrastructure has already attracted substantial liquidity for Ethena's existing stablecoins, with approximately $196M of USDe’s and $20M of sUSDe's total liquidity currently residing in Curve pools. Building on this successful collaboration, two new Curve pools have been created for USDtb’s December launch: USDC/USDtb and USDe/USDtb.

USDtb’s backing structure includes:

• ~90% BUIDL: BlackRock’s tokenized U.S. Treasury fund.
• ~10% USDC: Provides immediate redemption capability and weekend liquidity.

At the same time, USDTb benefits from a number of operational features that make it highly user-friendly:

• Minimal Fee Structure: A competitive 5 basis points (bp) fee is applied to minting and redemption transactions.
• Third-Party Custodians: To ensure the secure management of all backing assets.
• 24/7 Minting and Redemption: Whitelisted participants can seamlessly mint and redeem USDtb after KYC approval.

USDtb is positioned to gain traction among both institutional and retail users, as Ethena’s collaboration with Curve Finance highlights how serious asset issuers can effectively access DeFi markets. Through Curve’s established liquidity infrastructure and the ability to handle institutional-scale trading volumes, USDtb and its BUIDL backing mark another significant step in Curve’s growing role as the primary venue for stablecoin liquidity.