$ENA The 30-day increase exceeded 130%, and the airdrop expectations for the Ethena Converge ecosystem protocol seem to have rekindled market interest in Ethena?
It is unexpectedly discovered that many people do not understand that USDtb is a stablecoin launched specifically for compliance and is about to enter the US market with the upcoming GENIUS Act.
What is USDtb?
USDtb was launched in December 2024, with a current total supply of about 1.45B. Its reserve assets consist of BlackRock's BUIDL US Treasury fund (76.6%), USDC (22.9%), and USDT (0.46%), and are custodied by four custodians, as shown in the image below:
Why does USDtb comply with GENIUS Act regulatory requirements?
The GENIUS Act requires issuers to hold a 1:1 reserve fund and imposes strict restrictions on reserve funds, such as USD cash deposits, short-term US Treasuries, and short-term repurchase agreements. In other words, these are highly liquid safe assets.
The reserve assets of USDtb are mainly composed of BlackRock's BUIDL and Circle's USDC. BUIDL is a US Treasury fund for RWA, and USDC is a compliant stablecoin in the US, making it meet regulatory requirements.
On July 24, 2025, Ethena announced a partnership with Anchorage Digital, with Anchorage as the issuer of USDtb in the US, ensuring USDtb meets the standards of qualified issuers.
How can retail investors participate and what are the income opportunities?
On July 16, Ethena announced that USDtb went live on well-known lending protocols: Aave, Morpho, Euler, and Fluid, with incentives distributed by Merkl.
Users can find suitable pools from Merkl for deposit and borrowing operations, as shown in the image below:
The incentive yield is fixed at 6%, and the deposit APR difference in the lending protocol is not significant. It is recommended that everyone refer to the types of tokens that can be borrowed after making a deposit or choose based on trust in individual agreements.
Additionally, there is a USDtb/USDe pool on Curve, which was launched when USDtb was first introduced. The current TVL is about 13.44K, and deposits can also earn 30x Ethena Rewards airdrop points.
Summary
How should general users choose between USDe and USDtb?
For most users pursuing returns, the liquidity, yield, and airdrop points of USDe will be the greatest attraction.
But I believe some people may have safety concerns regarding stablecoins like USDe, which are backed by non-physical assets. Therefore, USDtb will better meet the needs of these users. The cash reserves, US Treasury reserves, and regulatory compliance of USDtb will be the greatest attraction.
There is no absolute correct choice; just participate based on individual risk preferences and tolerance!
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※Ethena code:
eu54u
※The above content does not constitute investment advice. Users should operate according to their own risk tolerance. DYOR and participate in the investment market with caution.
※The attached image is from USDtb, Anchorage, Merkl + self-made image
