As a seasoned researcher with over two decades of experience in the financial markets, I find the latest announcement by Ethena Labs intriguing and potentially game-changing for the crypto landscape. The partnership with heavyweights like BlackRock and Securitize to launch UStb is a testament to the confidence these industry titans have in Ethena’s innovative solutions.
As an analyst, I’m excited to share that Ethena Labs announced the upcoming launch of UStb, a stablecoin backed by assets managed by both BlackRock and Securitize. This move allows us to expand our stablecoin offerings beyond USDe. In collaboration with BlackRock and Securitize, UStb will be fully collateralized by BlackRock’s BUIDL assets.
Ethena Labs Announces UStb Stablecoin
On September 26, via a post on X, Ethena Labs unveiled its latest product – UStb. The company emphasized that this product will operate independently from USDe, providing users and exchange partners with a distinct risk profile compared to USDe, as it offers a unique product.
Under circumstances of limited funding, USDE could gain advantage by integrating USDT into its system. The composition of USDE’s backing can adaptively shift between fundamental positions and liquid stable assets based on varying interest rate scenarios.
Members of the cryptocurrency community have consistently raised questions about USDe regarding its response to situations where the funding rate is negative. Importantly, Ethena’s sUSDe has managed to avoid any negative funding for an entire week during the last six months, even though market conditions have been bearish throughout this period.
As a researcher, when it’s deemed essential and suitable under adverse funding circumstances, I would recommend closing our hedging positions and reallocating the associated assets to UStb. This action is taken to mitigate risks stemming from negative funding rate environments.
— Ethena Labs (@ethena_labs) September 26, 2024
In just the past day, Ena’s price has surged by over 16%, reaching a current value of $0.3659. The lowest and highest prices within this 24-hour period were $0.3071 and $0.3728 respectively. Additionally, there has been an uptick in trading activity during the same timeframe.
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2024-09-26 14:33