Ethena (ENA) is planning to launch a new stablecoin backed by BlackRock’s tokenized BUIDL fund, The Block reported.
Accordingly, Ethena announced plans to launch UStb, a new stablecoin backed by reserves deposited in BlackRock’s US Dollar Institutional Digital Liquidity Fund (BUIDL).
UStb will operate like traditional stablecoins but will offer different risk characteristics than Ethena’s USDe.
The release date and integration details will be shared in the coming weeks. BUIDL is BlackRock’s first tokenized asset fund tokenized by Securitize.
Ethena’s existing decentralized synthetic dollar, USDe, has become the fifth-largest stablecoin with a circulating supply of $2.6 billion.
Following the news, the price of Ethena (ENA) rose.
*This is not investment advice.