Today Usual, one of the fastest stablecoin issuing protocols, has announced it will be moving to integrate both USDtb and sUSDe as a core part of its business strategy moving forward. Ethena Labs is excited to support Usual as they benefit from integrating the composable and DeFi-first properties of Ethena assets.

Usual is the latest billion-dollar protocol to integrate Ethena, with Ethena already playing a key role in Aave, Maker/Sky, Pendle, Morpho, Curve, amongst other projects.

Usual x Ethena

Usual is a fiat stablecoin issuer, focused on backing from Real World Assets like tokenized T-Bills for their main stablecoin USD0. Following the release of USDtb by Ethena Labs, Usual has aligned Ethena in accepting USDtb as collateral and will subsequently migrate a portion of USD0’s backing assets to USDtb.

In the coming months, Usual will become one of the biggest minters and holders of USDtb with over $850 million in USD0 TVL currently. Usual users benefit as USDtb is the only T-bill backed stablecoin with a vast majority of the backing invested in Blackrock-issued BUIDL, tokenized by Securitize. USDtb currently has the highest BUIDL allocation of any stablecoin in the market.

As part of this partnership, Usual will stand up a sUSDe vault for USD0++ holders, allowing Usual users to gain exposure to sUSDe rewards while maintaining underlying exposure to Usual. This will have a synergistic effect of allowing Usual users to tap into Ethena’s market-leading rewards while simultaneously growing Ethena’s TVL.

Finally, Usual will incentivize and enable zero-fee USDtb-USD0 and USDtb-sUSDe swap venues to increase liquidity between these core assets.

Subject to approval from the Ethena Risk Committee, a portion of the Ethena Reserve Fund could be allocated to USD0++, an asset issued by Usual fully backed by the aforementioned USD0, and will be supporting Ethena-first products built by Usual through co-incentives and other levers.

We’re excited to be aligned with Usual and expect their use of Ethena-issued assets to be a positive catalyst for both protocols.

Built on Ethena™

It is promising to see more DeFi protocols integrate Ethena assets more deeply due to their composable and DeFi-native properties.

Via USDe, sUSDe, and now USDtb, Ethena directly and indirectly today drives significant growth in other stablecoin or synthetic dollar protocols, such as Maker/Sky with USDS, FRAX, and Ether.fi with eUSD.

We’re excited to continue to push forward the adoption of USDe and USDtb as Ethena assets continue to power the on-chain economy.