Ethena Labs took to X on Sept. 26 to announce its new stablecoin project, UStb (USTB), which will be built in partnership with major Bitcoin investor BlackRock and the digital securities platform Securitize.

The stablecoin will be backed by BlackRock’s tokenized BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which offers a stable value of $1 per token.