USDtb (USDTB)

What USDtb is

USDtb is a dollar stablecoin backed by tokenized US Treasury fund products rather than by ordinary bank deposits. Its documentation describes it as "fully backed by institutional-grade tokenized U.S. treasury fund products (alongside a stablecoin reserve designed to facilitate rapid redemptions)," with BlackRock's USD Institutional Digital Liquidity Fund token, BUIDL, as the initial holding (source: USDtb documentation, read September 2026).

The most consequential fact about USDtb is who issues it now. The documentation states that "As of October 13, 2025, the issuance, redemption, and reserve management for USDtb were transitioned to Anchorage Digital Bank." USDtb originated from Ethena Labs and moved its issuance to a federally chartered bank, which is a different regulatory posture from the offshore issuers most large stablecoins use.

For where to buy USDtb from your country or state, see the availability tables on this site and the venues listed at Exchanges.

How it works

The reserve has two layers, and the split explains the design. The bulk sits in tokenized treasury fund exposure, principally BUIDL, which the fund's own materials describe as investing in cash, US Treasury Bills and Notes, with BNY Mellon as fund administrator and custodian. Alongside that sits a stablecoin reserve which the USDtb documentation says exists specifically "to facilitate rapid redemptions."

That second layer matters more than its size suggests. A tokenized treasury fund settles on the fund's schedule, not on a blockchain's. Holding a liquid stablecoin buffer is what lets USDtb honor redemption requests continuously rather than only when the underlying fund can transact. Ethena's site describes USDtb as offering "a direct mint and redeem mechanism that exists onchain & available on-demand for mint and redeem access 24/7."

USDtb is not a synthetic dollar and shares no mechanism with the delta-hedged designs that its originating team is better known for. There is no perpetual futures position, no funding-rate income and no delta neutral hedge behind it. The reserve is a treasury portfolio plus a cash-equivalent buffer, which is a materially simpler risk profile.

The permissioning is worth understanding before assuming access. BUIDL itself operates under institutional restrictions; Ethena's materials note that the fund "adheres to high KYC/AML standards" and permits transfers only to whitelisted investors. USDtb sits on top of that as a freely transferable token, so retail holders hold the stablecoin while the direct mint and redeem relationship belongs to qualified counterparties upstream.

Supply and tokenomics

USDtb has no cap, no emission schedule and no governance token attached to it. Supply expands on mint and contracts on redemption, so the token count reflects demand for the instrument rather than any protocol rule.

The percentage split between the treasury layer and the stablecoin buffer is not published on the pages read for this entry, so no figure is stated here. A reader who needs that number should take it from the current attestation or the live dashboard the issuer publishes rather than from any secondary summary.

History

USDtb was introduced by Ethena Labs as a conventionally backed counterpart to its synthetic dollar product. That pairing was the point: one instrument whose stability comes from a hedged derivatives position, and one whose stability comes from short-dated government debt, so a holder can choose which risk they want.

The October 2025 transition to Anchorage Digital Bank changed what kind of thing USDtb is. Issuance, redemption and reserve management moving to a federally chartered bank places those functions inside a supervised banking entity rather than a crypto-native issuer, and Ethena's materials describe the aim as becoming a US federally regulated payment stablecoin under the GENIUS Act.

That legislative context is the backdrop for a broader repositioning across dollar stablecoins. Issuers seeking to serve US institutions have been restructuring toward chartered entities and reserve compositions that fit a payment-stablecoin framework, and USDtb's move is a direct example.

Risks and what to watch

Redemption timing is the practical risk. A tokenized treasury fund settles on its own schedule, and the on-chain stablecoin buffer is what bridges the gap. If redemption demand outruns that buffer, exits queue behind the fund's settlement cycle rather than the blockchain's block time.

Access is asymmetric. Direct mint and redeem belongs to qualified counterparties who can hold the permissioned underlying; a retail holder's exit is the secondary market, where a depeg appears first and lasts longest.

Attestations are monthly and confirm reserve value at a point in time. They are not audits of the issuer, and a live dashboard reports balances rather than encumbrances.

Issuer transition carries its own history to check. Reserve management moved to Anchorage Digital Bank on a stated date, and the disclosures a reader relies on differ before and after that date.

Regulatory status is in motion. The GENIUS Act framework the issuer is working toward will determine who may distribute USDtb and to whom. Availability by jurisdiction is tracked on this site's exchange and jurisdiction pages rather than here.

Frequently asked questions

Who issues USDtb?

Anchorage Digital Bank. USDtb's documentation states that issuance, redemption and reserve management transitioned to Anchorage Digital Bank as of October 13, 2025, having originated with Ethena Labs.

What backs USDtb?

Institutional-grade tokenized US Treasury fund products, principally BlackRock's BUIDL, which invests in cash and US Treasury Bills and Notes with BNY Mellon as administrator and custodian, plus a stablecoin reserve held to facilitate rapid redemptions.

Is USDtb the same as a synthetic dollar?

No. USDtb holds tokenized treasuries and a cash-equivalent buffer. It runs no perpetual futures hedge and earns no funding-rate income, which is a different risk profile from a delta-hedged synthetic dollar.

Can anyone mint and redeem USDtb directly?

The direct on-chain mint and redeem mechanism serves qualified counterparties who can hold the permissioned underlying fund. Other holders buy and sell on the secondary market.

Where can you buy USDtb?

Availability depends on your country or US state. See where to buy USDtb for the exchanges serving your jurisdiction, and Exchanges to compare fees, kyc requirements and payment methods.