Profile
USDTB profile facts
Ethena USDtb (USDTB) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar.
- Collateral
- BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and cash; August 31, 2026 examined reserves comprised $525,205,527 BUIDL and $5,214,126 demand deposits at FDIC-insured institutions, including $4,964,126 above insurance limits. Anchorage Digital Bank N.A. issues USDtb and holds reserves in unencumbered segregated fiduciary trust accounts for token holders; BUIDL is self-custodied in segregated wallets.
- Peg mechanism
- Customer-gated mint and redemption at $1 par, net of applicable fees; BUIDL is redeemable at NAV through Securitize on a daily basis; 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
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
USDTB quick answers
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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: Customer-gated mint and redemption at $1 par, net of applicable fees; BUIDL is redeemable at NAV through Securitize on a daily basis; LayerZero OFT cross-chain transfers.
Is USDTB safe?
As of Oct 24, 2026, Pharos grades USDTB C (58/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and direct redemption is limited to customers the issuer has verified. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs USDTB?
Pharos records USDTB's reserves as of Aug 31, 2026 as 99% BlackRock BUIDL (U.S. T-Bills, cash, repos) and 1% Bank demand deposits at FDIC-insured institutions (includes uninsured balances). Reserve evidence: Independent Audit, latest period ending Aug 31, 2026. Pharos classifies the backing as Real-World Asset Backed.
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 live dossier on this page.
How do you redeem USDTB?
Under the route Pharos reviewed on May 17, 2026, customers the issuer has verified can redeem USDTB for a single stable asset, such as cash or a stablecoin. Settlement is same-day. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.
