USDtb vaults
About USDtb vaults
Ethena USDtb is used in 3 stablecoin vaults with $3.3M TVLacross 3 protocols. The largest vaults are Fluid USDtb, Steakhouse Ethena USDtb, K3 Capital Prime Marketand the most popular vault protocols are Fluid, Morpho and Euler. The last 30 days' average yield is 3.7%.
About Ethena USDtb
USDtb is a stablecoin by Ethena Labs backed primarily by BlackRock's BUIDL tokenised treasury fund. It provides a more conservatively backed alternative to USDe. USDtb is designed for institutional use with traditional asset backing.
USDtb is a stablecoin issued by Ethena Labs as a conservatively backed complement to USDe. Its primary reserve asset is BlackRock's BUIDL fund (tokenised US Treasuries), with additional backing from other tokenised money-market instruments.
Purpose
USDtb is designed for institutional participants who prefer traditional asset backing over synthetic/delta-neutral backing. It provides Ethena's broader ecosystem with a stable, low-risk alternative that can serve as collateral or backing when USDe's delta-neutral funding strategy is less attractive.
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Performance and risk
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| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
K3 Capital Prime Market Euler | 21.4% | 11.0% | 6.1% | 5.8 | 1.8% | 0.0% | USDtb | $36.19K $14.28M | 1.3 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Steakhouse Ethena USDtb Morpho | 4.1% | 4.6% | 3.5% | 8.0 | 0.6% | 0.0% | USDtb | $1.50M $120.33M | 1.2 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Fluid USDtb Fluid | 3.0% | 3.2% | 3.3% | 14.7 | 0.2% | 0.0% | USDtb | $1.81M $11.16M | 1.2 | 0.0%/ --- | Instant | Low |  |
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