Ethena USDtb (USDTB) stablecoin analytics
Answer First
What is Ethena USDtb (USDTB)?
USDtb is Ethena's T-Bill-backed stablecoin, holding BlackRock's BUIDL fund as primary reserves; designed as a calmer alternative to USDe. The static profile records its US Dollar peg mechanism as: Direct 1:1 mint and redemption; BUIDL shares redeemable 24/7 via atomic swap with Securitize; LayerZero OFT cross-chain transfers
Is USDTB safe?
USDTB holds a B Safety Score grade (72/100) in Pharos's latest published rating — a safe-tier grade, so Pharos assesses it as overall safe, though no stablecoin is entirely risk-free. Static metadata says Ethena USDtb uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Independent Audit from Deloitte & Touche LLP via Anchorage Digital Bank (firm identity signature-verified from the June 2026 report PDF); the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Ethena USDtb (USDTB) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar.
AI summary / Updated Sep 7, 2026
USDtb is the stable ballast in Ethena's reserve structure, designed chiefly to be held by its parent protocol rather than traded as a retail DeFi dollar. Its reserve is almost entirely BlackRock's BUIDL, with a small cash settlement float, issued by Anchorage Digital Bank with BUIDL self-custodied in segregated wallets and cash in segregated fiduciary accounts at undisclosed banks. That puts short-dated U.S. Treasuries behind the token, but through a deliberately long chain of funds, custodians, issuer controls...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- Collateral
- ~99% BlackRock USD Institutional Digital Liquidity Fund (BUIDL), investing in cash, U.S. Treasury Bills/Notes, and repurchase agreements; remainder in cash at FDIC-insured major commercial banks; issued by Anchorage Digital Bank N.A.; reserves held in segregated fiduciary trust accounts for the benefit of USDtb holders, with BUIDL self-custodied by Anchorage in segregated wallets (May 2026 Deloitte-examined reserve report)
- Peg Mechanism
- Direct 1:1 mint and redemption; BUIDL shares redeemable 24/7 via atomic swap with Securitize; LayerZero OFT cross-chain transfers
- Jurisdiction
- United States / OCC / Federal Bank Charter
- Proof Of Reserves
- Independent Audit by Deloitte & Touche LLP via Anchorage Digital Bank (firm identity signature-verified from the June 2026 report PDF) Reserve source
Next Actions
Exact bot target: /subscribe dews,depeg,safety usdtb-ethena
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Sep 7, 2026.
USDTB quick answers
What is Ethena USDtb (USDTB)?
USDtb is Ethena's T-Bill-backed stablecoin, holding BlackRock's BUIDL fund as primary reserves; designed as a calmer alternative to USDe. The static profile records its US Dollar peg mechanism as: Direct 1:1 mint and redemption; BUIDL shares redeemable 24/7 via atomic swap with Securitize; LayerZero OFT cross-chain transfers
Is USDTB safe?
USDTB holds a B Safety Score grade (72/100) in Pharos's latest published rating — a safe-tier grade, so Pharos assesses it as overall safe, though no stablecoin is entirely risk-free. Static metadata says Ethena USDtb uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Independent Audit from Deloitte & Touche LLP via Anchorage Digital Bank (firm identity signature-verified from the June 2026 report PDF); the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs USDTB?
Pharos classifies USDTB backing as Real-World Asset Backed. Collateral, per the static profile: ~99% BlackRock USD Institutional Digital Liquidity Fund (BUIDL), investing in cash, U.S. Treasury Bills/Notes, and repurchase agreements; remainder in cash at FDIC-insured major commercial banks; issued by Anchorage Digital Bank N.A... Reserve evidence: Independent Audit from Deloitte & Touche LLP via Anchorage Digital Bank (firm identity signature-verified from the June 2026 report PDF).
Can USDTB be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for USDTB, when applicable, appear in the dossier below.
