Ethena USDtb (USDTB) is a fiat-backed US dollar stablecoin issued by Ethena Labs. It has about $499M in circulation, ranking #22 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What is USDTB?
Ethena USDtb (USDTB) is a fiat-backed US dollar stablecoin issued by Ethena Labs. It has about $499M in circulation, ranking #22 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
USDtb is Ethena's fiat-style dollar, separate from its synthetic dollar USDe.
In the issuer's words: USDtb is a digital dollar, otherwise known as a USD stablecoin. USDtb can be used the same way a holder would use any other dollar, whether to send and receive payments, acquire and trade assets, or to simply hold dollars.
USDTB supply history
USDTB supply fell 5.3% over the past 30 days, to $499M. Its peak was $1.83B in September 2025, and supply is 73% below that high.
Is USDTB holding its peg?
USDTB is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDTB lives: supply by blockchain
Supply is concentrated: Ethereum holds 91% of all USDTB. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDTB is backed
USDTB is backed by predominantly shares of BlackRock's BUIDL tokenised Treasury fund, plus cash equivalents.
Minting and redemption: The mint and redeem contract is a smart contract defining the operations for minting and redeeming USDtb tokens based on cryptographically signed orders controlled by a single admin. EIP-712 and EIP-1271 are the signing methods currently supported. The price present in any mint/redeem orders is determined by an off-chain RFQ system, which a benefactor may accept by signing an order and submitting it to the USDtb RFQ server.
Reserve reports and audits: docs.usdtb.money
USDTB risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDTB vs USDT and USDC
Similar fiat-backed stablecoins
See all →
USDTB FAQ
What is USDTB?
Ethena USDtb (USDTB) is a fiat-backed US dollar stablecoin issued by Ethena Labs. It has about $499M in circulation, ranking #22 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is USDTB pegged 1:1 to the US dollar?
USDTB targets 1 USD. At the last update it traded at $0.9991, a deviation of -0.09%, which we classify as "on peg".
What backs USDTB?
USDTB is a fiat-backed stablecoin. Predominantly shares of BlackRock's BUIDL tokenised Treasury fund, plus cash equivalents.
Which blockchains is USDTB on?
USDTB is live on 2 blockchains. The largest by supply are Ethereum ($455M), Solana ($45.0M).
How much USDTB is in circulation?
About $499M of USDTB was in circulation at the last update, -5.3% over 30 days. That makes it the #22 stablecoin by supply among those we track.
Does USDTB pay interest?
No. USDTB does not pay yield to holders directly. Any interest earned on its reserves goes to the issuer. Some platforms offer rewards for holding it, but those are paid by the platform, not by USDTB.
Is USDTB safe?
No stablecoin is risk-free. As a fiat-backed design, USDTB's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.