Ethena to Launch UStb Stablecoin Backed by BlackRock

Ethena to Launch UStb Stablecoin Backed by BlackRock

Ethena announced that it will launch a new stablecoin, UStb, backed by BlackRock’s tokenized US Treasuries fund, BUIDL. The UStb stablecoin will function similarly to other stables but with reserves invested in BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), which now manages over $522 million in assets since launching in March.

This collaboration indicates BlackRock's growing involvement in the crypto market, combining real-world assets and blockchain-based financial products. UStb will serve as an alternative to Ethena’s existing synthetic dollar, USDe, serving as a reserve-backed stablecoin, reducing derivative volatility. Ethena also plans to allow UStb to be used as margin collateral on exchanges like Bybit and Bitget.

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Robinhood & Revolut Are Also Entering The Stablecoin Market

Fintech firms Robinhood and Revolut are reportedly considering launching stablecoins as Europe’s Europe’s Markets in Crypto-Assets (MiCA) regulations provide clearer guidelines for digital assets. The MiCA framework, set to be fully enforced by December, introduces stricter rules on reserve requirements and transaction limits for stablecoins, prompting interest from new entrants.

Tether, the current market leader, has capitalized on these changes, expanding its market share to over 75%, largely backed by US government bonds. While Robinhood and Revolut have yet to confirm plans, their potential entry signals growing interest from traditional finance as regulatory clarity increases. One problem that analysts have pointed out is that stablecoins are becoming hyper-fragmented.

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Gary Gensler Reaffirms That Bitcoin Is Not a Security

SEC Chair Gary Gensler reaffirmed his stance that Bitcoin is not a security while also emphasizing that the crypto sector needs investor protection to survive. In an interview with CNBC’s Squawk Box, Gensler pointed to the collapses of major firms like FTX and Celsius, warning that the industry cannot persist without building trust through proper disclosures.

Gensler also restated his position that most non-BTC cryptocurrencies are securities. The SEC’s regulatory approach has drawn criticism from crypto advocates, but Gensler remains steadfast in his belief that investor protection and innovation can coexist. While declining to comment on the upcoming US elections, he asserted that clear rules are essential for fostering innovation.

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Hamster Kombat Airdrops 60 Billion Tokens, Price Drops

Hamster Kombat, a popular Telegram-based clicker game, has officially launched its HMSTR token for trading, distributing 60 billion tokens to 131 million qualifying user accounts. The token airdrop is based on users’ participation in Season 1 of the game, hosted on TON (The Open Network) blockchain, which is closely linked to Telegram. HMSTR is down about 30% since the launch.

With trading now live on major exchanges like Binance, OKX, and Bitfinex, the token distribution has placed enormous pressure on the TON blockchain due to the sheer volume of recipients. Developers have also published a roadmap featuring NFT integration, advertising revenue buybacks, and expansion into new regions to support the game’s growth.

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Data of the Day

Ethereum futures traders are signaling renewed optimism, as the 30-day moving average of funding rates turns positive following the US Feds interest rate cut on September 18. Analysts from CryptoQuant and QCP Capital attribute this shift to improving market sentiment and increasing long positions, though they caution that this uptick alone may not guarantee a sustainable price rally.

Since the rate cut, ether has appreciated by over 17%, outperforming Bitcoin, which rose by 10% in the same period. This positive trend in Ethereum’s derivatives market reflects a broader rebound in crypto, with funding rates across major exchanges becoming more attractive. Ethereum’s perpetual futures market remains a key barometer of trader sentiment and future price swings.

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More Breaking News

• Billionaire Mark Cuban confirmed his interest in replacing Gary Gensler as SEC Chair if Kamala Harris becomes president.
• Bitcoin may face turbulence as $8 billion in options contracts are set to expire, potentially triggering market volatility, analysts warn.
• BitMEX founder Arthur Hayes had only a 25% success rate in his market predictions over the past year but remains profitable by focusing on long-term trends.
• South Korea fined Worldcoin and Tools For Humanity $830,000 for violations related to collecting and transferring biometric data without proper consent.
• The US passed a resolution demanding the immediate release of Binance executive Tigran Gambaryan, who has been detained in Nigeria since February.
• A US judge ruled that Roman Storm, co-founder of Tornado Cash, must stand trial, rejecting his motion to dismiss the case based on free speech arguments.
• Swan Bitcoin has filed a lawsuit accusing former employees of stealing confidential business information to launch a competing Bitcoin mining firm with Tether.

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