Wu learned that according to Artemis data, Ethena USDtb supply has increased by $1.3 billion in the past month, second only to Circle USDC in terms of growth. It is worth noting that USDtb has exceeded PayPal PYUSD supply and is approaching First Digital Labs FDUSD. Ethena USDtb is mainly supported by BlackRock's BUIDL fund (90% of reserves).