USDTB/USD price feed
USDtb is a stablecoin whose reserves live largely inside a tokenized treasury fund run by the world's largest asset manager. That is its story in one line: traditional finance packaged as a DeFi dollar, priced continuously in an open on-chain book.
Aggregate on-chain rate: hourly view of the last 4 weeks. The API itself updates block by block. Request API access
Book composition · auto-observed
A lead pool takes the bulk of this book at present, trailed by smaller venues on that same chain.
A tokenized fund, wearing a stablecoin
The design is direct: Ethena issues USDtb, the reserves sit predominantly in BlackRock's tokenized treasury fund, the token aims to hold a dollar. Where most stablecoins ask you to trust a reserve report, this one points at a fund with institutional plumbing of its own. Those are public facts that shape who holds it.
A fund share has a net asset value; a token has a market. The two travel together until they do not; the moments they part are precisely what a pool-level measurement exists to catch.
So the reading above comes from venues rather than statements.
The shape of a young book
USDtb's open market has run concentrated, most of its weight meeting at a single deep venue at past readings. Concentration is a shape rather than a defect: a young institutional dollar tends to pick one meeting place before it picks several.
Nor has concentration meant thinness here: the traffic clearing through this book has been serious for a dollar this young. Sometimes one venue is simply where everyone meets.
What a concentrated book asks of its readers is discipline: know where the weight sits before trusting the level. The open composition exists for exactly that, refreshed as the book itself moves.
Two dollars, one house
USDtb shares a house with USDe, Ethena's other dollar. Same issuer, opposite designs: one leans on a hedged market position, the other on a treasury fund. The book has carried a pool where the two meet, a sibling cross trading inside the composition.
Sibling crosses do quiet informational work. Two dollars from one house should hug each other closely; wherever they meet in a pool, the print shows whether they do, block by block, without anyone editorializing.
Both siblings carry their own pages in this catalog, as does the savings wrapper on the other side of the family. Whichever design a desk prefers, the measurement style is identical, which is what makes the comparison fair.
Who runs on this rate
Treasuries holding fund-backed dollars
A token backed by a tokenized treasury fund still trades at a market price; this page supplies that price with its provenance open.
Risk desks across the Ethena family
USDtb, USDe, sUSDe: three related instruments, three feeds, one methodology, which keeps family comparisons clean.
Integrations using USDtb as collateral
Collateral logic wants a measured level with a block attached, not a fund statement; both exist, they answer different questions.
Where the USDTB market lives
Active USDTB/USD pools per chain, as observed by the feed on 2026-10-27.
USDTB in the catalog
3 pairs, each computed from its own pools with the same methodology:
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