STRICT-Score
Max. Potenzial
1x
Potenzieller Ertrag
Wahrscheinlichkeit
0%
Erfolgschance
Risikoniveau
3/10
Niedriges Risiko
Marktkapitalisierung
$841.50M
Volumen
$2.81M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
USDtb is an institutional-grade stablecoin launched by Ethena Labs on December 15, 2024, backed by over $1.11 billion in BlackRock's BUIDL tokenized money market fund (90%+ allocation) and supplemented with $324 million in USDC reserves. As of December 2025, USDtb maintains a market capitalization of $850.85 million to $1.46 billion with instantaneous redemption capacity exceeding 100%. Unlike Ethena's synthetic dollar USDe, USDtb operates as a fully reserve-backed stablecoin with 1:1 dollar peg through BNY Mellon custody. The stablecoin transitioned to Anchorage Digital Bank custody in October 2025, positioning for US GENIUS Act compliance, and is available cross-chain on Ethereum, Base, Solana, and Arbitrum via LayerZero integration.
Wettbewerbsposition
USDtb occupies a unique position as the highest BlackRock BUIDL-allocated stablecoin with $1.11 billion reserves, differentiating it from USDC ($316 billion market) and USDT which rely on direct Treasury holdings. The October 2025 Anchorage Digital custody transition positions USDtb as the primary GENIUS Act-compliant option versus PayPal USD and regulated alternatives. Within Ethena's $9.5 billion TVL ecosystem generating $130 million annual protocol fees, USDtb serves dual purposes as institutional on-ramp and USDe backing asset during negative funding periods. Market makers including Jump and Wintermute provide deep liquidity, while LayerZero integration enables cross-chain composability without bridge vulnerabilities that plague multi-chain competitors.
Fazit
USDtb represents the convergence of institutional asset management through BlackRock BUIDL backing and DeFi infrastructure via Ethena's established ecosystem. The October 2025 Anchorage Digital custody transition creates the clearest regulatory path to US federal compliance under the GENIUS Act among major stablecoins. For institutions requiring regulated dollar exposure with tokenized Treasury yield and 24/7 on-chain liquidity, USDtb offers compelling utility despite its limited one-year operational track record. The December 2025 market cap volatility underscores early-stage adoption risks, but institutional partnerships and cross-chain availability position USDtb for growth as stablecoin regulations mature in 2025.
Stärken
- Over $1.11 billion in BlackRock BUIDL backing with BNY Mellon custody provides institutional-grade transparency and security unmatched in the stablecoin sector
- Instantaneous redemption capacity exceeding 100% with 24/7 on-chain liquidity from market makers including Jump, Cumberland, Wintermute, Amber, and GSR
- Transitioned to Anchorage Digital Bank custody (only federally chartered crypto bank in US) in October 2025, creating clear path to GENIUS Act compliance
- Serves as strategic backing asset for Ethena\
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Risiken
- Limited one-year operational history since December 2024 launch provides minimal stress-testing across market cycles
- 22% market cap decline to $1.04 billion on December 4, 2025 during Anchorage partnership expansion announcement signals market skepticism
- Single counterparty concentration with 90%+ reserves in BlackRock BUIDL creates systemic exposure to fund operations and Securitize redemption processes
- Upgradeable proxy smart contract pattern introduces governance risk and potential for malicious upgrades if admin keys are compromised
- Regulatory precedent concerns following Ethena GmbH German asset freezes and token offering halts may affect institutional adoption confidence
Kommende Katalysatoren
GENIUS Act stablecoin legislation implementation enabling full federal regulatory compliance
Zeitrahmen: Q1-Q2 2025
Expanded institutional custody integrations beyond Anchorage Digital with automated yield distribution
Zeitrahmen: Q1 2025
Integration as reserve asset for Hyperliquid\
Zeitrahmen: Q1 2025
STRICT-Score
Bewertung: 82/100 | Potenzial: 1x
Verwandte im gleichen Sektor - Stablecoin
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.