Demex Daily #249: Ethena Labs Unveils BlackRock-Backed UStb Stablecoin for Risk Management and Exchange Expansion

What’s Interesting Today:

Ethena Labs has announced a new stablecoin, UStb, which will be fully backed by BlackRock’s BUIDL in partnership with Securitize. UStb will function like a traditional stablecoin, existing separately from Ethena’s USDe to offer a different risk profile. USDe has not faced negative funding rates in the past six months, but UStb could help manage risk during weak funding conditions by allowing dynamic reallocation of backing assets. Ethena also plans to expand collateral offerings on centralized exchanges, offering two distinct products for margin collateral. Further updates on UStb are forthcoming.

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Ledger has partnered with Uphold’s Topper to enhance its cryptocurrency purchasing options within the Ledger Live app, introducing a new fiat-to-crypto on-ramp. This integration allows users to buy cryptocurrencies, like Bitcoin, directly using fiat currencies. Ledger currently offers 14 on-ramp solutions but only one off-ramp, which is attributed to the complexity of integrating off-ramp services. Topper, which launched in 2023, supports 228 crypto assets and plans to introduce off-ramp services in Q4 2024. While Ledger does not require KYC for wallet transactions, KYC checks are mandatory for transactions processed through providers like Topper.