Protocol Information
USDtb is a digital dollar, otherwise known as a USD stablecoin. USDtb can be used the same way a holder would use any other dollar, whether to send and receive payments, acquire and trade assets, or to simply hold dollars.
Sub Category: Treasury Bills
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubCompetitors
Ethena USDtb history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Dec 16, 2024 to Oct 17, 2026.
All-time high TVL: $1.843b on Nov 6, 2025. All-time low TVL: $10.41m on Dec 16, 2024.
Daily TVL, Sep 18, 2026 to Oct 17, 2026
| Date | TVL |
|---|---|
| Sep 18, 2026 | $482.72m |
| Sep 19, 2026 | $482.94m |
| Sep 20, 2026 | $482.88m |
| Sep 21, 2026 | $483m |
| Sep 22, 2026 | $481.99m |
| Sep 23, 2026 | $475.82m |
| Sep 24, 2026 | $475.77m |
| Sep 25, 2026 | $475.76m |
| Sep 26, 2026 | $475.79m |
| Sep 27, 2026 | $490.78m |
| Sep 28, 2026 | $491.82m |
| Sep 29, 2026 | $492.3m |
| Sep 30, 2026 | $492.59m |
| Oct 1, 2026 | $496.35m |
| Oct 2, 2026 | $492.5m |
| Oct 3, 2026 | $492.73m |
| Oct 4, 2026 | $492.71m |
| Oct 5, 2026 | $492.76m |
| Oct 6, 2026 | $488.59m |
| Oct 7, 2026 | $488.56m |
| Oct 8, 2026 | $454.41m |
| Oct 9, 2026 | $454.2m |
| Oct 10, 2026 | $470.15m |
| Oct 11, 2026 | $470.16m |
| Oct 12, 2026 | $470.38m |
| Oct 13, 2026 | $470.2m |
| Oct 14, 2026 | $473.58m |
| Oct 15, 2026 | $472.99m |
| Oct 16, 2026 | $475.7m |
| Oct 17, 2026 | $475.58m |
TVL at each month end, Dec 2024 to Oct 2026
| Date | TVL |
|---|---|
| Dec 31, 2024 | $89.33m |
| Jan 31, 2025 | $89.45m |
| Feb 28, 2025 | $89.66m |
| Mar 31, 2025 | $1.433b |
| Apr 30, 2025 | $1.438b |
| May 31, 2025 | $1.449b |
| Jun 30, 2025 | $1.461b |
| Jul 31, 2025 | $1.445b |
| Aug 31, 2025 | $1.48b |
| Sep 30, 2025 | $1.836b |
| Oct 31, 2025 | $1.832b |
| Nov 30, 2025 | $1.339b |
| Dec 31, 2025 | $843.21m |
| Jan 31, 2026 | $864.33m |
| Feb 28, 2026 | $835.09m |
| Mar 31, 2026 | $868.49m |
| Apr 30, 2026 | $584.48m |
| May 31, 2026 | $1.06b |
| Jun 30, 2026 | $735.77m |
| Jul 31, 2026 | $355.73m |
| Aug 31, 2026 | $483.37m |
| Sep 30, 2026 | $492.59m |
| Oct 17, 2026 (latest) | $475.58m |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/ethena-usdtb
Frequently asked questions
What is Ethena USDtb's TVL?
As of Oct 17, 2026, Ethena USDtb has $475.69m in total value locked. TVL has decreased 1.4% over the past 30 days.
What chains does Ethena USDtb operate on?
Ethena USDtb operates on Ethereum. Ethereum holds the largest share at 100%.
How does Ethena USDtb's TVL compare to similar protocols?
Among RWA protocols tracked by DefiLlama, Ethena USDtb ranks #1 by TVL. The category holds $4.039b across 173 protocols, and Ethena USDtb accounts for 11.8% of that total. Other leading protocols include Re, Huma, Anemoy Capital, OpenTrade, Plume Vaults, Theo Network thUSD, Frax USD, Usual USD0, Sky RWA, and stUSDT.