Recently, when you look at
@ethena’s updates, you’ll often see USDe and USDtb mentioned.
Both are designed to maintain a value of $1, but the way they are structured and the environments they are used in are slightly different.
USDe is a crypto-native synthetic dollar that uses crypto assets and derivatives, while USDtb is a stablecoin backed by traditional financial assets such as U.S. Treasuries.