USDtb, issued by Ethena Labs, is a U.S. dollar (USD) stablecoin usable for payments, trading, and holding that is fully backed by institutional-grade tokenized U.S. Treasury fund products and a stablecoin reserve [S1].

Holders receive a digital dollar referencing the U.S. dollar (USD), backed primarily by the BlackRock USD Institutional Digital Liquidity Fund token (BUIDL) alongside Circle's USDC [S1]. The token functions as a lower-volatility complement to USDe and provides value transfer rather than a yield distribution to the holder. The minting and redemption price reflects execution costs, and Ethena earns no profit from the mint or redeem process itself [S2].

Ethena Labs disclaims being a bank, trust company, or other regulated depository institution, and no prudential regulator or license is named [S3]. Ethena commits to compliance with anti-money laundering (AML) and counter-terrorist financing laws [S4]. There is no deposit insurance [S4]. Direct mint and redeem is restricted to approved parties from permitted jurisdictions who pass KYC and KYB screening and are whitelisted as Mint Users; United States persons are not eligible, and Restricted Territories include Cuba, Iran, Syria, North Korea, Crimea, Donetsk, and Luhansk [S4][S2]. Whitelisted Mint Users redeem on demand, executing atomically with collateral transfer [S2].

Mint and redeem operate on a request-for-quote basis: users request pricing, sign an EIP-712 order matching token and collateral amounts, with EIP-1271 smart-contract-wallet signatures also supported [S2]. Quotes execute within 15 minutes, and orders settle atomically with collateral transfer onchain on supported public networks within signed slippage bounds [S2].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.ethena.fi/usdtb" },
    { id: "S2", url: "https://docs.ethena.fi/" },
    { id: "S3", url: "https://ethena.fi/" },
    { id: "S4", url: "https://docs.ethena.fi/resources/usde-terms-and-conditions" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Stablecoins

Users deposit ETH or LSTs on Ethena and can mint a USDe synthetic stablecoin in return. USDe generates yield from the staked Ethereum as well as the funding & basis spread from perpetual and futures' markets. A portion of this yield is then distributed to USDe stakers (expense).

Ethena is a stablecoin issuer and asset management protocol built on Ethereum. Ethena was founded by Guy Young and launched in 2024.

ENA tokenholders own and govern the protocol. They currently take a cut of the total yield generated (revenue). Ethena's investors include Dragonfly, Franklin Templeton, Brevan Howard Digital, etc.

github

twitter

website

etherscan

Stablecoin issuers

Ethena

Ethena USDtb (USDtb) is a U.S. dollar stablecoin issued by Ethena through Anchorage Digital Bank N.A.

Custody of the reserves rests with Anchorage Digital Bank.

Holders can mint and redeem directly with Ethena.

Anchorage Digital Bank N.A. is incorporated in the United States, is chartered as a U.S. national trust bank, and is supervised by the Office of the Comptroller of the Currency (OCC).

USDtb has been issued on public blockchains since December 2024 and is native to Ethereum, Arbitrum One, Base, and Solana.

Ethena USDtbUSDtb