Ethena, a synthetic dollar protocol on Ethereum, has announced the development of a new stablecoin called UStb, which will invest its reserves in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). This is Ethena's second stablecoin, following the earlier launch of USDe, a synthetic stablecoin that maintains its $1 peg through a cash-and-carry arbitrage strategy. UStb will operate as an independent product with a distinct risk profile and will assist in risk management for USDe by allowing for asset reallocation during market volatility. Source: Coindesk
