Blackrock has announced its backing of a new stablecoin, UStb, launched by Ethena Labs. Supported by Blackrock’s BUIDL fund, UStb is designed to provide a reliable alternative in the stablecoin market, leveraging investments in U.S. dollars, short-term Treasury bills, and repurchase agreements. Ethena Labs has partnered with Securitize to facilitate the launch, aiming to enhance the resilience of its existing synthetic dollar stablecoin, USDe, during market fluctuations. This collaboration underscores Blackrock’s commitment to innovation in the digital asset space. Many established finance companies, including Revolut and Paypal, are now racing to capture a share of the lucrative stablecoin market, with Robinhood also exploring possibilities.

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