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Record sog_st_usdtb
USDtb/Ethena USDtb
Also recorded as USDtb, Ethena USDtb
- Lifecycle
- Active
- Issuance
- Restricted
- Reference target
- US dollar
- Primary organization
- Ethena LabsNo additional recorded relationship
- Launch
- 2024-12-16
- Redemption
- Issuer Redemption
- Backing
- Tokenized asset-backed
- Stabilization
- Issuer redemption
- Last review
- 2026-06-19
- Evidence
- 4 source records
Reviewed assessment
Identity and current state
This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.Ethena digital dollar backed by institutional tokenized U.S. Treasury fund products and a stablecoin reserve intended to support rapid redemptions.
| Name | Ethena USDtb |
|---|---|
| Symbol | USDtb |
| Aliases | USDtb, Ethena USDtb |
| Asset class | Stablecoin |
| Lifecycle status | Active |
| Issuance status | Restricted |
| Canonical record ID | sog_st_usdtb |
| Route slug | usdtb |
| Record confidence | High |
| Last reviewed | 2026-06-19 |
- Name
- Ethena USDtb
- Symbol
- USDtb
- Aliases
- USDtb, Ethena USDtb
- Asset class
- Stablecoin
- Lifecycle status
- Active
- Issuance status
- Restricted
- Canonical record ID
sog_st_usdtb- Route slug
usdtb- Record confidence
- High
- Last reviewed
- 2026-06-19
Record coverage
| Section | Entries |
|---|---|
| Organizations | 1 |
| Sources | 4 |
| Reserve reports | 1 |
| Reserve components | 2 |
| Model-history events | 1 |
| Regulatory notes | 0 |
| Deployments | 1 |
| Issuer-control actions | 0 |
| Open questions | 2 |
| Events | 1 |
Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.
- Governance
- Centralized
- Primary display organization
- Ethena Labs
- Primary display role
- Protocol operator
- Display selection mode
- Deterministic Policy
- Current relationships
- 1
- Ended relationships
- 0
- Unknown relationship state
- 0
- Freeze capability
- 0 recorded yes · 0 recorded no · 1 not recorded
- Blacklist capability
- 0 recorded yes · 0 recorded no · 1 not recorded
- Deployment control-event references
- 0
- Observed issuer-control events
- 0
- Relationship coverage
- 1 recorded relationship
| Organization | Organization category | Regulatory character | Jurisdiction | Role | Display priority | From | Until | Relationship status |
|---|---|---|---|---|---|---|---|---|
| Ethena Labs | Company or corporate group | Not recorded in canonical data | Unknown or not publicly resolved | Protocol operator | Primary display | Not yet recorded | Not yet recorded | Active relationship |
Company or corporate group
Primary displayEthena Labs
- Functional role
- Protocol operator
- Relationship status
- Active relationship
- Regulatory character
- Not recorded in canonical data
- Jurisdiction
- Unknown or not publicly resolved
- From
- Not recorded
- Until
- Not recorded
Mechanism
How the asset works
Reference, backing, stabilization, exit, valuation, and yield remain separate facts.- Reference target
- US dollar
- Reference kind
- Fiat
- Comparison category
- US dollar
- Target value
- 1
- Reference methodology
- USDtb targets one U.S. dollar through tokenized Treasury fund backing and a stablecoin liquidity reserve.
- Public backing model
- Tokenized asset-backed
- Canonical backing types
- Tokenized Fund, Stablecoin Collateral
- Reserve component categories
- Tokenized Fund, Stablecoin Collateral
- Primary stabilization mechanism
- Issuer redemption
- Recorded model description
- Tokenized Treasury Fund and Stablecoin Reserve
- Redemption / exit model
- Issuer Redemption
- Valuation source
- Ethena USDtb reserve framework
- Yield / rebase profile
- No recorded change · Accrual: No recorded change
- Classification notes
- Active digital dollar with approved-counterparty creation and redemption and reserve exposure to tokenized funds and stablecoins.
Reserve and redemption
Reserve and redemption
Recorded components, disclosures, reports, and redemption conditions remain explicit.Reserve components
- Institutional tokenized U.S. Treasury fund productsTokenized Fund
- Stablecoin liquidity reserveStablecoin Collateral
| Disclosure status | Protocol Transparency and Custodian Attestations |
|---|---|
| Backing types | Tokenized Fund, Stablecoin Collateral |
| Summary | USDtb is backed by institutional tokenized U.S. Treasury fund products, initially including BUIDL, alongside a stablecoin reserve designed to facilitate rapid redemption liquidity. |
| As of | 2026-06-15 |
| Profile confidence | High |
- Disclosure status
- Protocol Transparency and Custodian Attestations
- Backing types
- Tokenized Fund, Stablecoin Collateral
- Summary
- USDtb is backed by institutional tokenized U.S. Treasury fund products, initially including BUIDL, alongside a stablecoin reserve designed to facilitate rapid redemption liquidity.
- As of
- 2026-06-15
- Profile confidence
- High
| Current status | Institutional Only |
|---|---|
| Settlement asset | Supported reserve assets or dollar-equivalent settlement through approved creation and redemption counterparties |
| Eligible parties | Approved institutional counterparties and service-provider routes; general holders rely on market liquidity. |
| Retail access | Market Based |
| Institutional access | Approved Counterparty Direct |
| Minimum amount | Counterparty and route dependent. |
| Fee | Counterparty, liquidity, fund, and network costs may apply. |
| Settlement time | Counterparty and settlement-route dependent. |
| Regional limits | Approved counterparty onboarding and jurisdiction restrictions apply. |
- Current status
- Institutional Only
- Settlement asset
- Supported reserve assets or dollar-equivalent settlement through approved creation and redemption counterparties
- Eligible parties
- Approved institutional counterparties and service-provider routes; general holders rely on market liquidity.
- Retail access
- Market Based
- Institutional access
- Approved Counterparty Direct
- Minimum amount
- Counterparty and route dependent.
- Fee
- Counterparty, liquidity, fund, and network costs may apply.
- Settlement time
- Counterparty and settlement-route dependent.
- Regional limits
- Approved counterparty onboarding and jurisdiction restrictions apply.
| Date | Publisher | Type | Assets covered | Record confidence |
|---|---|---|---|---|
| Not yet recorded | Ethena | Custodian Attestation Index | Tokenized Treasury Fund, Stablecoin Reserve | High |
Ethena
Not yet recorded- Type
- Custodian Attestation Index
- Assets covered
- Tokenized Treasury Fund, Stablecoin Reserve
- Record confidence
- High
Deployments and legal context
Deployments and legal context
Network state, contract identity, legal notices, and value states remain separate.| Network | Network record state | Standard | Public deployment category | Canonical deployment type | Operational state | Recorded status | Change or proposal state | Canonicality | Canonicality record state | Verification state | Contract identity state | Contract or identifier | Freeze | Blacklist | Control events | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | Specific network recorded | ERC-20 | Protocol-native or protocol-supported deployment | Protocol Supported Token | Active | Active | No separate change state recorded | Issuer-native deployment | Canonicality recorded | Source-linked record; identifier not recorded | Identifier not recorded | Identifier not recorded | Not yet recorded | Not yet recorded | 0 | Primary USDtb deployment; exact address normalization remains pending. |
| Date | Title | Authority / publisher | Type | Summary |
|---|---|---|---|---|
| No regulatory notes have been added yet. | ||||
No regulatory notes have been added yet.
Evidence
Evidence
Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.| Source | Publisher | Source category | Provenance | Primary or secondary | Supported claims | Archive | Reliability |
|---|---|---|---|---|---|---|---|
| Ethena USDtb documentation Published Not yet recorded | Ethena | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Entity Identity, Reserve Composition, Stablecoin Liquidity Reserve, Entity and Reserve | Archive index or wildcard | High |
| Ethena USDtb launch announcement Published Not yet recorded | Ethena | Official statement or announcement Canonical: Official Statement | Subject-controlled source | Primary source | Launch, Product Identity, Launch Date Support, Launch and Identity | Archive index or wildcard | High |
| Ethena custodian attestations Published Not yet recorded | Ethena | Reserve, assurance, or financial report Canonical: Reserve Report Index | Assurance or financial-report source | Primary source | Custodian Attestations, Reserve Reporting, Custody and Attestations | Archive index or wildcard | High |
| Ethena Leverages Curve Finance to Support USDtb Launch Published 2024-12-16 | Curve Finance | Official statement or announcement Canonical: Official Ecosystem Publication | Subject-controlled source | Primary source | Launch Date, Product Launch, Curve Distribution, Dated Usdtb Launch Confirmation | Archive index or wildcard | High |
Known unknowns
Known unknowns and coverage
Missing or disputed facts remain visible instead of being converted into certainty.| Topic | What remains unclear | Value state | Priority | Last checked |
|---|---|---|---|---|
| Legal Claim and Issuer Structure | Current public documentation explains backing and product operation but does not fully resolve the token holder's legal claim, reserve ownership, and all issuing or service entities. | Unknown after review | High | 2026-06-15 |
| Direct Mint and Redemption Access | The exact current list of approved creation and redemption counterparties, minimums, fees, and settlement routes is not fully public in one durable source. | Unknown after review | Medium | 2026-06-15 |
Legal Claim and Issuer Structure
Current public documentation explains backing and product operation but does not fully resolve the token holder's legal claim, reserve ownership, and all issuing or service entities.
- Value state
- Unknown after review
- Priority
- High
- Last checked
- 2026-06-15
Direct Mint and Redemption Access
The exact current list of approved creation and redemption counterparties, minimums, fees, and settlement routes is not fully public in one durable source.
- Value state
- Unknown after review
- Priority
- Medium
- Last checked
- 2026-06-15
Lifecycle
History
Current classification remains separate from dated changes and incidents.Model and lifecycle changes
- Ethena launches USDtbLaunch
| Date | Event | Category | Subtype | Status effect | Recovery |
|---|---|---|---|---|---|
| 2024-12-16 | Ethena launches USDtb | Launch and introduction | Launch | Remained active | Not applicable |
Related records and corrections
Corrections and further reading
Open connected records, methodology, machine-readable data, or report a correction.- All stablecoinsCompare this record with the rest of the archive.
- Ethena LabsUnknown or not publicly resolved
- Event registry1 connected event recorded.
- MethodologyRead classification, evidence, and value-state rules.
- CorrectionsReport a source, relationship, or record problem.
- Data manifestInspect the machine-readable public layer.