Arthur Hayes-Backed Ethena Labs Launches New Stablecoin Backed by BlackRock’s BUIDL

Ethena Labs is announcing the launch of a new US dollar-pegged stablecoin that will be backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).

According to a new announcement from the Arthur Hayes-backed crypto protocol, the new stablecoin, USDtb, will be Ethena’s second stablecoin offering, following the project’s flagship stablecoin USDe.

USDtb differs from other stablecoins in that it will be backed by a fund backed by one of the world’s largest and most trusted asset managers, BlackRock.

In October of this year, multiple reports tied BlackRock, the world’s largest asset manager, with the idea of using BUIDL, the crypto asset related to the firm’s tokenized mutual fund, as collateral for trading derivatives contracts.

BUIDL, which launched in March of this year, is a tokenized money-market fund designed to offer a stable value of $1 per token built on the Ethereum (ETH) blockchain that offers “blue-chip” yields.

As stated by Robert Mitchnick, BlackRock’s head of digital assets, in a press release issued by Securitize, BlackRock’s brokerage partner,

“[BUIDL] is the latest progression of our digital assets strategy. We are focused on developing solutions in the digital assets space that help solve real problems for our clients.”

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