Ethena USDtb

USDtb is Ethena’s RWA-backed dollar token, distinct from its synthetic-dollar USDe. USDtb is backed primarily by BlackRock’s BUIDL and other tokenized U.S. Treasury exposure, giving Ethena a fully-collateralized fiat-pegged stablecoin alongside its delta-neutral USDe.

The pairing matters: USDtb provides a credit-risk-low cash leg that complements USDe’s basis-trade economics, and Ethena uses USDtb as a backstop reserve. ENA is the governance token across Ethena’s product line.