On September 26, 2024, Ethena crypto announced UStb as the latest stablecoin backed by BlackRock through its tokenization fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL). This fund provides a guarantee of stability with a value of $1 per token, so UStb is expected to be able to compete with other stablecoins in the market.
The backing of BlackRock, one of the largest investors in the Bitcoin world, makes UStb a more traditional stablecoin compared to the synthetic-based USDe. USDe, which was launched in February 2024, uses arbitrage and derivative strategies to maintain its value.
On the other hand, UStb will offer a more stable approach with direct backing from real-world assets such as US Treasury Bills and repurchase agreements.