---
title: "Ethena USDtb (USDTB) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdtb-ethena/"
description: "Build-time stablecoin profile for Ethena USDtb (USDTB). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Ethena USDtb (USDTB)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

USDtb is the $939M stable ballast inside Ethena's USDe reserve, 90% allocated to BlackRock BUIDL via Anchorage Digital under an OCC charter — designed to be held by its parent protocol, not traded retail. USDtb has grown to $939 million with a clear mandate: serve as the stable ballast inside Ethena's USDe reserve structure, where it constitutes the majority of backing for a multibillion-dollar synthetic dollar. The 90% BUIDL allocation channeled through Anchorage Digital under an OCC charter means the underlying assets are overwhelmingly U.S. {{term:treasury}}Treasuries{{/term}} via tokenized {{term:rwa}}RWA{{/term}} rails, yet the C+ safety grade at 62 reflects the layered counterparty chain — from holder to USDtb to BUIDL to BlackRock to the actual bonds. Five depeg events with a worst deviation of 202 basis points and CALM stress suggest the product functions as intended, while $25.3 million in DEX TVL concentrated across just two pools on primary-class coverage confirms this is not optimized for retail DeFi composability. USDtb is a product designed to be held by its parent protocol rather than traded by individuals — a perfectly rational design that nevertheless means most holders are exposed to Ethena's risk management decisions whether they realize it or not.

## Collateral

~90% BlackRock USD Institutional Digital Liquidity Fund (BUIDL), investing in cash, U.S. Treasury Bills/Notes, and repurchase agreements; remainder in cash or cash-equivalent redemption reserves; issued by Anchorage Digital Bank N.A.; U.S. Bank acts as reserve custodian

## Peg Mechanism

Direct 1:1 mint and redemption; BUIDL shares redeemable 24/7 via atomic swap with Securitize; LayerZero OFT cross-chain transfers

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| United States | OCC | Federal Bank Charter |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xc139190f447e929f090edeb554d95abb8b18ac1c` | 18 |
| arbitrum | `0xc708b6887db46005da033501f8aebee72d191a5d` | 18 |
| base | `0xc708b6887db46005da033501f8aebee72d191a5d` | 18 |
| solana | `8yXrtJ54jZtE84xEBzTESKuegjcAkAuDrdAhRd8i8n3T` | 6 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usdtb-ethena.