USDtb (USDTB)

Overview

USDtb is a digital token designed to represent one U.S. dollar. It is a stablecoin: its issuer aims to maintain a steady dollar value by holding reserve assets that back the tokens in circulation. USDtb brings together two parts of finance. The token moves on public blockchains, while much of its backing comes from a fund that holds short-term U.S. government assets. People and businesses can use it to send dollar-denominated value, settle transactions, or hold funds for use in crypto applications. (docs.usdtb.money)

The main reserve asset is BUIDL, a tokenized fund managed by BlackRock and offered in partnership with Securitize. “Tokenized” means that ownership in the fund is recorded using blockchain tokens. A USDtb holder owns the stablecoin, rather than receiving a share of BUIDL. Anchorage Digital Bank issues USDtb and manages its reserves in partnership with Ethena Labs. (anchorage.com)

History & Team

From Ethena launch to bank issuance

Ethena Labs announced USDtb’s public launch on December 16, 2024. The project added a reserve-backed dollar token to Ethena’s ecosystem, which already included USDe, a digital dollar supported by a different strategy. At launch, Pallas (BVI) Ltd. issued USDtb, while Ethena Labs developed the product and supported its issuance. Guy Young is the founder of Ethena Labs. (paragraph.com)

The issuing arrangement changed on October 13, 2025, when issuance, redemption, and reserve management moved to Anchorage Digital Bank. Anchorage became USDtb’s sole issuer; Ethena Labs remained its development partner. This distinction matters because the bank is responsible for issuing tokens and handling direct redemptions, while Ethena continues to build connections between USDtb and crypto services. (docs.usdtb.money)

The project involves firms with different roles. BlackRock manages BUIDL, Securitize handles its tokenization and fund-transfer functions, and Anchorage oversees USDtb issuance and reserves. Ethena’s ecosystem page lists Fidelity and Franklin Templeton among its investors and GSR among USDtb’s liquidity providers. Those labels describe different relationships with the broader ecosystem. (usdtb.money)

Technology & How It Works

A token backed by reserves

USDtb runs on blockchain networks, where a transfer can be recorded without waiting for a traditional bank payment to clear. Its dollar value is supported by reserve assets. Anchorage’s published terms call for reserves with a value at least equal to outstanding tokens at the end of each business day. The bank holds reserve assets through a trust structure and publishes monthly reserve attestations. (anchorage.com)

BUIDL accounts for most of USDtb’s backing, alongside cash used in reserve management. BUIDL invests in assets such as U.S. Treasury obligations and cash-related instruments. Its fund tokens follow investor checks and transfer rules. USDtb, by contrast, is the token people use for payments and crypto applications. Keeping these two layers separate lets the stablecoin circulate more broadly while the underlying fund follows its own access requirements. (usdtb.money)

Minting, redemption, and networks

Minting creates new USDtb when an eligible Anchorage Digital Bank customer obtains tokens through the bank’s issuance process. Redemption removes tokens from circulation when an eligible customer exchanges them through Anchorage for dollars at the stated par value, subject to applicable terms and fees. Only Anchorage customers can use these direct mint-and-redeem services. Other holders can receive or transfer USDtb and use platforms that support it. (docs.usdtb.money)

USDtb has official token addresses on Ethereum, Base, Arbitrum, and Solana. These networks let applications use the token in different settings. The original launch also described a LayerZero-powered design for moving USDtb between supported chains. Each network has its own token address and transfer process, so an Ethereum USDtb transfer is different from one made on Solana. (docs.usdtb.money)

Tokenomics & Utility

Supply follows issuance and redemption

USDtb’s economic model centers on its dollar peg, rather than a preset distribution of tokens to users. Eligible customers can obtain newly issued tokens through Anchorage, and redeemed tokens leave circulation. This makes the number of tokens responsive to demand for the digital dollar. Anchorage’s terms set a one-dollar par value for its covered stablecoins and describe reserves intended to back the outstanding amount. (anchorage.com)

Holding USDtb alone does not give someone a share of the income earned by BUIDL or a governance vote over the fund. Anchorage’s terms describe reserve income beyond what is needed for backing as compensation for administering the reserve trust. A separate exchange or lending application may offer its own rewards for USDtb activity, but those programs are distinct from the token’s basic function. (anchorage.com)

The token’s core utility is straightforward: it carries dollar-denominated value between wallets and supported services. It can serve as a payment asset, a trading balance, or collateral when a platform accepts it. This differs from a token whose main purpose is voting on protocol changes. (docs.usdtb.money)

Ecosystem & Use Cases

DeFi, trading, and other digital dollars

In decentralized finance, or DeFi, USDtb can be used in applications that allow users to supply assets or exchange tokens through blockchain-based systems. The USDtb ecosystem lists Aave, Morpho, Euler, and Fluid as money-market integrations. Ethena’s launch also identified Curve pools pairing USDtb with other digital dollars. These connections give the token uses beyond transfers between individual wallets. (usdtb.money)

USDtb also has a role within Ethena’s wider system. Ethena approved its use as an asset that can help back USDe. Because the two digital dollars use different backing approaches, USDtb gives Ethena another asset to hold when managing USDe’s reserves. Outside that system, Ethena identifies USDtb as a backing asset in other stablecoin projects, including Jupiter’s jupUSD and MegaETH’s USDm. (paragraph.com)

Centralized services use the token as well. Bybit lists USDtb for spot exchange, while the project describes uses as collateral at supported trading venues. Institutional custody partners listed in the ecosystem include Copper, Zodia, and Komainu. Together, these integrations connect on-chain activity with exchange and custody services used by professional participants. (bybit.com)

Advantages & Challenges

What the design offers

USDtb’s defining feature is its link between a transferable blockchain dollar and reserves held largely in a tokenized Treasury fund. Users can move the stablecoin across supported networks, while Anchorage publishes monthly attestations about its reserves. The project also provides official contract addresses, which help applications identify the token on each chain. Before launch, its core smart contracts underwent reviews by Pashov Audit Group, Quantstamp, Cyfrin, and Code4rena. (anchorage.com)

Its main practical limit is the gap between holding a token and redeeming one directly. USDtb can move between eligible blockchain addresses, but only Anchorage customers can mint or redeem through the issuer. Use in a lending app, wallet, or exchange also depends on that service supporting the relevant network and token. BUIDL follows separate investor-verification rules, so access to the stablecoin and access to the fund work differently. (anchorage.com)

Where to Buy & Wallets

USDtb can be purchased on Bybit, which lists a USDtb/USDT spot pair. It can also be exchanged through supported decentralized applications, including the Curve pools identified in Ethena’s launch materials. Anchorage Digital Bank customers can obtain USDtb through the bank’s direct issuance process. Platform services and account eligibility vary by location. (bybit.com)

USDtb can be held in a wallet compatible with its network. MetaMask supports Ethereum-compatible tokens on Ethereum, Base, and Arbitrum; compatible Solana wallets can hold the Solana version. Some wallets display the token automatically, while others allow it to be added using its contract address. The USDtb documentation publishes separate official addresses for Ethereum, Base and Arbitrum, and Solana. Institutional holders can also use custody services that support the asset. (support.metamask.io)

Regulatory & Compliance

Anchorage Digital Bank issues USDtb under U.S. federal banking oversight from the Office of the Comptroller of the Currency. Its stablecoin terms describe reserve backing, customer eligibility, transfers, and redemption under the U.S. GENIUS Act framework. The bank performs customer checks for direct issuance and redemption. BUIDL has its own know-your-customer and anti-money-laundering controls for fund investors. These are separate compliance processes for the stablecoin and the asset behind much of its reserve. (anchorage.com)

Rules outside the United States depend on the jurisdiction and the service offering access. In the European Union, the Markets in Crypto-Assets framework sets requirements for crypto-asset issuers and service providers, including rules relevant to stablecoins. An exchange listing or wallet integration in one region does not establish the same availability in another. (finance.ec.europa.eu)

USDtb’s reserve design also matters for readers considering Islamic finance principles. BUIDL holds conventional interest-bearing U.S. Treasury assets. Shariah finance generally avoids earning or paying interest, known as riba. On that basis, USDtb’s interest-based backing does not fit the usual criteria for a Shariah-compliant financial product, even though ordinary USDtb holders do not directly receive BUIDL’s fund income. (learn.anchorage.com)

Future Outlook

USDtb’s development is closely tied to where other services choose to use it. Its place in Ethena’s reserves, DeFi money markets, trading venues, and stablecoins backed by USDtb gives it several paths for continued use. The bank-issued structure also gives institutions a way to work with a blockchain dollar whose issuance and reserve reporting sit within a defined U.S. banking framework. Growth in any of these areas will depend on new integrations and on how existing partners use the token. (whitelabel.ethena.fi)

Summary

USDtb is a dollar-linked token developed with Ethena Labs and issued by Anchorage Digital Bank. Most of its backing is held in BlackRock’s tokenized BUIDL fund, while the token itself can move across several blockchains. Its role is to make a reserve-backed digital dollar usable in payments, trading, DeFi, and other stablecoin systems. (anchorage.com)