Ethena and Securitize Compete for $1B Liquidity Prize

Ethena’s USDtb Enters the Spotlight

Ethena Labs and Securitize are teaming up to pitch Ethena’s new stablecoin, USDtb, for Spark’s $1 billion Tokenization Grand Prix. This competition is all about bringing real-world assets (RWAs)* into decentralized finance (DeFi) by offering liquidity to the best projects.

Flexible Stablecoin Swaps

Ethena’s plan includes a swap feature between USDtb and their current stablecoin, USDe. This would let the Sky ecosystem** adjust its holdings based on market changes or interest rate shifts, making the system more adaptable.

Who Decides?

Applications will be reviewed by Phoenix Labs and Steakhouse Financial. They’ll look at things like pricing and liquidity. The final decision? It’s up to Sky tokenholders, who will vote on which projects move forward.

What Makes USDtb Different?

USDtb, launching next week, is backed by tokenized U.S. Treasuries from BlackRock’s BUIDL fund. Compared to USDe, which relies on crypto derivatives and fluctuates with the market, USDtb offers a steadier option. Ethena plans to use it to balance out USDe during tough market conditions.

Growing Momentum

Ethena’s current stablecoin, USDe, has hit a $4.3 billion market value. This growth is partly thanks to Ethena’s recent proposal to share revenue with ENA tokenholders, sparking fresh interest in the ecosystem.

Footnotes:
*Real-World Assets (RWAs): Physical or financial assets, like real estate or bonds, represented digitally on a blockchain.
**Sky ecosystem: A decentralized finance platform, formerly MakerDAO.