Bybit has announced a new initiative to reward users who hold or use Ethena's USDtb stablecoin. Backed by BlackRock's tokenized BUIDL fund, the program allows Bybit users to earn up to a 5% annual percentage rate (APR), paid daily, by simply holding or using USDtb on the platform. Ethena Labs confirmed the listing on social media, stating that USDtb will be available as margin collateral within a week starting March 6.

USDtb was launched in December as a stablecoin backed by BlackRock’s BUIDL fund, which holds over half a billion dollars in assets, primarily U.S. Treasury bills. The launch marked a shift for Ethena, which had previously focused on synthetic dollar solutions through its USDe token, pegged to the U.S. dollar using a derivative-based trading strategy. Ethena partnered with Securitize for the issuance of USDtb, which is the largest tokenized fund of its kind. The token represents shares of the BlackRock USD Institutional Digital Liquidity Fund, which primarily invests in short-term U.S. government debt, cash, and repurchase agreements. It is available on multiple blockchain networks, including Aptos, Arbitrum, Avalanche, Ethereum, Optimism, and Polygon.

Bybit’s move to integrate USDtb follows its recent efforts to promote stablecoins, including an initiative last week to incentivize the use of Tether's USDT. Bybit is the first centralized exchange to support USDtb, and Ethena highlighted that the partnership aims to enhance capital efficiency for users. Ethena stated that USDtb’s reserve assets are held in segregated, on-chain, and publicly accessible wallets, with real-time transparency available through blockchain monitoring and its Transparency page.

The stablecoin market has become increasingly competitive as exchanges and financial institutions expand their offerings. Regulatory developments in the U.S. could soon provide clearer guidelines for stablecoins, potentially shaping the future of digital asset adoption. USDtb’s backing by BlackRock, one of the largest asset managers in the world, underscores the growing intersection between traditional finance and the cryptocurrency sector.

Bybit’s adoption of USDtb reflects the broader trend of digital asset exchanges seeking to integrate tokenized financial products into their platforms. As stablecoin use continues to grow, platforms are competing to offer higher incentives and more efficient capital solutions. With regulatory frameworks expected to develop further, the market for stablecoins like USDtb will likely see continued evolution.