Ethena USDtb - Protocol Analytics

USDTβ is Ethena’s synthetic USDT exposure that mirrors Tether’s price but sources collateral from delta‑neutral perps instead of treasury bills. The product offers a higher yield than USDe because it harvests the positive funding differential between USDT and USDC perpetual markets. USDTβ supply is capped at $1 billion until a full audit of reserve accounting completes.