Etna Laboratory announced particle for direct object Launch its USDtb A stablecoin, which will leverage Black Rock Tokenized fund, USD Institutional Digital Liquidity Fund (BUIDL), for 90% of its backing.
The partnership was facilitated by Securitize, according to a Dec. 16 announcement.
USDtb will operate independently of Etna's existing algorithmic stablecoin, USDe, offering users and exchange partners a stablecoin with a distinct risk profile. Etna's risk committee has also approved USDtb as a potential backing asset USDincreases its ability to move in volatile market conditions.
USDtb's design provides flexibility and reduced risk throughout the Etna ecosystem and beyond, as Spark's $1 billion tokenization grand prize drives incentives toward stablecoins. This initiative boosts tokenization efforts.
Additionally, USDtb is inherently multi-chain as it was built Zero layer Omnichain Fungible Token (OFT). Users can transfer USDtb through various blockchains, such as Ethereumbase, Solanaand decision making.
USDtb liquidity will be supported by leading market makers including jumpCumberland, winterAmber, GSR, and SCB Limited.
Notably, Etna Labs' move represents a step forward for stablecoins that combine traditional financial stability with the efficiency and scalability of blockchain. BlackRock's BUIDL currently has a market cap of nearly $562 million.
In addition, it strengthens Etna's position in the stablecoin market after its success Algorithmic stablecoin USDe, which has grown 93% in the past 30 days to a market cap of $5.6 billion – making it the third largest stablecoin on the market.
This growth can be closely related to its accrual mechanism of value, which gives USDe shareholders a 27% annual percentage return (APY) at the time of issuance.
TradFi meets DeFi
In addition to Athena Labs, other DeFi protocols are also exploring the use of BUIDL.
Money market platform ghost It has been suggested A new GHO stability module (GSM) on August 26 Based on the BlackRock tokenized fund. Aave created GSM to help maintain the stable link of its coin ecosystem, GHO.
Meanwhile, Black Rock It has plans to expand Its BUIDL proposal for traditional financial giants. The asset manager intends to use its tokenized fund shares as collateral for derivative transactions.
It will be such a movement Connect the trillion-dollar derivatives market to the nascent token money fund sector, which as of December 16 is worth nearly $3 billion.
