USDtb

USDtb is a US dollar stablecoin backed primarily by BlackRock's BUIDL fund, a tokenized money market product holding cash and short-term US Treasury instruments. Roughly ninety percent of USDtb's reserves are held in BUIDL, which the issuer states is the highest allocation to that fund of any stablecoin.

The token is issued by the team behind Ethena, and it exists to complement rather than replace their synthetic dollar USDe. Where USDe derives its stability from hedged crypto positions and its yield from perpetual funding rates, USDtb uses a conventional reserve model with cash equivalents. Having both means the issuer can offer a fully reserve-backed option alongside the synthetic one, which matters during periods when funding rates turn unfavorable.

Structure

USDtb behaves like other fiat-style stablecoins: it is freely transferable, has no restrictions on transfer between holders, and aims to hold a value of one dollar. Supply is uncapped and currently sits at roughly 357 million tokens, changing with issuance and redemption.

Using a tokenized money market fund as the primary reserve asset rather than direct bank deposits is the notable design choice. It means the reserves are themselves on-chain instruments, which improves visibility, but it also introduces dependence on BlackRock's fund and its administrators rather than on a banking relationship.

USDtb is issued on Ethereum and Solana. As with any stablecoin, the details that matter most are the reserve composition, who can redeem directly, and under what conditions, and those are published by the issuer.