Catenaa, Sunday, March 09, 2025-Cryptocurrency exchange Bybit began offering rewards last week to users who hold or use Ethena’s USDtb stablecoin, which is backed by BlackRock’s tokenized BUIDL fund.
Ethena Labs announced Tuesday that USDtb, listed on Bybit, would be available as margin collateral by March 6.
Users can earn up to 5% APR, paid daily, by holding or utilizing USDtb on the platform.
The move comes amid increasing competition in the stablecoin market and as U.S. regulators move toward establishing clearer guidelines for the sector. Bybit recently launched a similar program to incentivize the use of Tether’s USDT, the world’s largest stablecoin.
“Bybit represents the first CeFi exchange to support USDtb and furthers our shared goal of helping to improve users’ capital efficiency,” Ethena said in a statement. The token’s reserve assets are held with custodians in segregated, on-chain, and public wallets, ensuring real-time transparency.
Launched in December, USDtb is backed by BlackRock’s BUIDL fund, which holds over $500 million in assets, mainly U.S. Treasury bills. The token operates on multiple blockchain networks, including Ethereum, Avalanche, and Polygon.
Bybit’s latest move underscores the growing role of tokenized assets in crypto finance as platforms seek to attract users with yield incentives amid increasing regulatory scrutiny.
