Ethena USDtb
Stablecoin Profile
Ethena USDtb (USDTB) is a fiat-backed stablecoin pegged to USD, with $890.5M in circulating supply across 2 blockchain networks. Each USDTB is backed by reserves held by the issuer, with parity attested via defillama. The peg has historically held within ±1% on most trading sessions, with reserve composition and attestation cadence the primary inputs to its credit-risk profile.
About Ethena USDtb (USDTB)
USDtb is a digital dollar, otherwise known as a USD stablecoin. USDtb can be used the same way a holder would use any other dollar, whether to send and receive payments, acquire and trade assets, or to simply hold dollars.
The mint and redeem contract is a smart contract defining the operations for minting and redeeming USDtb tokens based on cryptographically signed orders controlled by a single admin. EIP-712 and EIP-1271 are the signing methods currently supported. The price present in any mint/redeem orders is determined by an off-chain RFQ system, which a benefactor may accept by signing an order and submitting it to the USDtb RFQ server
Recent supply activity
Ethena USDtb (USDTB) supply was unchanged in the last 24 hours, expanded by $82.8K (+0.01%) over the past week, and expanded by $891.5K (+0.10%) over the past 30 days.
Steady issuance: supply has held roughly flat (0.10% over 30 days), consistent with mature stablecoin liquidity dynamics.
Supply History
Network distribution
Ethena USDtb circulates across 2 blockchain networks. Ethereum hosts the largest share at 93.81%, followed by Solana at 6.19%. Cross-chain distribution has remained broadly stable over the past 30 days.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | $835.3M | 93.81% | 0.00% | +0.11% |
| Solana | $55.1M | 6.19% | 0.00% | 0.00% |
Peg stability history
Ethena USDtb (USDTB) is designed to trade at exactly 1.00 USD, with its peg defended through direct redeemability against off-chain reserves. Spot price currently sits at $0.9998, a -0.025% deviation from the target — well inside the stability band typical for reserve-backed dollar tokens.
How reserve-backed stablecoins defend their peg
Fiat-backed stablecoins maintain their peg through arbitrage: any time the secondary-market price drifts above $1.00, authorised participants mint new tokens by depositing dollars and sell them into the market; any time it drifts below, they buy on the open market and redeem 1:1 for dollars. The peg therefore depends entirely on (a) the reserves actually existing, (b) the issuer honouring redemption requests promptly, and (c) the issuer remaining solvent and unfrozen.
Practical implications for holders
- Counterparty risk is concentrated in the issuer and its banking partners — a banking failure (as in the March 2023 USDC / SVB episode) can cause short-term depegs even when the underlying reserves are sound.
- Reserve attestations are not full audits. Always read the firm name, scope, and date of the latest attestation report before treating the peg as risk-free.
- Redemption rights typically apply only to verified institutional partners, not to retail holders. Retail exposure is exited via secondary markets, where liquidity matters most during stress periods.
- Regulatory action against the issuer (NYDFS orders, OFAC freezes, court-ordered blacklists) can immediately impair specific addresses or even the entire token.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (reserve-backed) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
Ethena USDtb (USDTB) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0xc139190f447e929f090edeb554d95abb8b18ac1c | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare Ethena USDtb to other fiat-backed stablecoins
Below are the largest fiat-backed stablecoins tracked on Mantapex alongside Ethena USDtb (USDTB). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Tether (USDT) | $184.1B | fiat-backed | 107 |
| USD Coin (USDC) | $79.6B | fiat-backed | 125 |
| World Liberty Financial USD (USD1) | $4.5B | fiat-backed | 8 |
| PayPal USD (PYUSD) | $4.1B | fiat-backed | 7 |
| BlackRock USD (BUIDL) | $2.5B | fiat-backed | 8 |
Peg Stability
Chain Distribution
Resources & data sources
Ethena USDtb (USDTB) is tracked across major crypto data providers. The links below open Ethena USDtb (USDTB)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent Ethena USDtb news
Latest reporting from major crypto news outlets covering Ethena USDtb.
- The Block
Jupiter rolls out native JupUSD stablecoin backed 90% by BlackRock and Ethena's USDtb
JupUSD is an Ethena whitelabel stablecoin backed primarily by BlackRock's tokenized USD Institutional Digital Liquidity Fund.
- Crypto Economy
Ethena Labs Teams With Anchorage to Reward USDtb and USDe Holders
Ethena Labs has strengthened its partnership with Anchorage to offer direct rewards for USDtb and USDe without staking or lockup requirements, a feature designed for institutions…
- Coinspeaker
Ethena Labs and Anchorage Partner to Reward USDtb and USDe Holders
Anchorage and Ethena Labs have teamed up to introduce in-platform rewards for USDtb and USDe users, but USDtb's market cap has fallen 22%.
- The Cryptonomist
Ethena stablecoins: USDe and USDtb enable startup payroll
A new pair of dollar-pegged tokens, marketed for payroll use, positions ethena stablecoins as a tool to reduce volatility for employees paid in crypto. The company announced USDe…
- Coincu
Anchorage and Ethena Launch USDtb Stablecoin in the U.S.
Launch of USDtb aligns with the GENIUS Act for regulatory compliance.
- Blockonomi
Ethena and Anchorage Bring USDtb Onshore Under GENIUS Act Compliance
Partnership Marks First U.S.-Based Issuance of USDtb Stablecoin Under New Federal Regulations
- Decrypt
Ethena to Bring $1.5 Billion USDtb Stablecoin to US with Anchorage Digital
Ethena Labs' UDStb will debut in the U.S., less than a week after the country's lawmakers passed a landmark stablecoin law.
- Crypto Economy
Ethena and Anchorage Collaborate to Make USDtb a U.S.-Compliant Payment Stablecoin
TL;DR Ethena will shift USDtb issuance to Anchorage Digital Bank to comply with the GENIUS Act and operate under U.S. federal regulation. Anchorage will serve as the official…
Related stablecoins
Stablecoins comparable to Ethena USDtb by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other fiat-backed stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.