24h Change-0.018%
All Time HighSep 20, 2025$1.06
All Time LowJul 17, 2025$0.9
Market Cap$915.91m
Fully Diluted Valuation$915.91m
Circ. Supply916.05m USDTB
CEX Volume$0
DEX Volume$910,912
How much debt can be issued against USDTB as collateral across lending protocols.
Maximum possible exposure to USDTB
$3.87m
$3.49m (max additional borrows against USDTB) + $382,656 (bad debt if USDTB was hacked now)
Euler V2
$3.73m at-risk exposure = $242,480 bad debt if hacked + $3.49m additional borrowable against USDTB
Aave V3
$140,177 at-risk exposure = $140,177 bad debt if hacked + $0 additional borrowable against USDTB
Showing collateral exposure for USDTB on Ethereum. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for USDTB as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
USDtb0xc139190f447e929f090edeb554d95abb8b18ac1c | $3.49m | $242,480 | ||
USDtb0xc139190f447e929f090edeb554d95abb8b18ac1c | $0 | $140,177 |
Risk-management actions published about USDTB by tracked risk managers and governance contributors, newest first.
USDtb's transition to GENIUS Act compliance with Anchorage custody and ~1% fiat buffer introduces structured redemption paths via USDe atomic swaps or banking-hour BUIDL unwinds, allowing its inclusion via whitelabels without new credit risk but emphasizing USDe's role as the key 24/7 liquidity off-ramp.
USDtb's issuance, redemption, and reserves shifted to Anchorage Digital Bank under a regulated framework with a dedicated Reserve Trust and GENIUS Act-aligned custody, improving legal recourse but introducing offchain settlement delays and a lapsed January reserve attestation that reduces transparency.
1-2% LLTV increases across various collateral pairs as USDtb parameters are already close to market rates, with adjustments based on on-chain liquidity and volatility metrics to enhance competitiveness while preserving risk buffers.
The Reserve Fund is composed of USDtb and USDtb/USDC liquidity pool positions totaling $62M, providing sufficient capitalization to cover potential drawdowns from USDe redemptions without needing increases.
USDtb custody transferred to Anchorage Digital, the only federally chartered crypto bank, making it the first stablecoin under U.S. federal oversight via the GENIUS Act. This enhances regulatory compliance and institutional trust, with upcoming native mint/redeem support on Copper.
USDtb has extremely low demand with only $1 in total supply, indicating negligible usage and justifying offboarding to focus resources on active assets.
USDtb serves as primary backing for new USDm stablecoin, invested in tokenized Treasuries via Securitize, contributing to TVL milestone of ~$16B combined with USDe and enabling yield generation for sequencer operations.
Reserve Fund consolidated into $41.8M USDtb and $19.9M Curve USDtb–USDC pool per prior approval, providing stable composition to back USDe without current capitalization changes.
Reserve Fund at $62M exceeds the recommended $41.6M–$57.4M range, with an approved proposal to consolidate all assets into USDTb contingent on its USDC/USDT backing exceeding the fund balance.
USDTb, as a backing component, faces higher caution for Morpho allocation given no burn-and-reissue contingency like USDtb, exposing it to illiquidity risks in isolated markets during stress; management includes dynamic monitoring of APY elasticity and bad debt incidents, with caps to prevent APY drops exceeding 2% per $1M increment.
An is required to view token usage.
Tracking 5 pools, average APY 3.77%
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDTB | $22.18m | 5.95% | 2.55% | 3.40% | 5.49% | ||||
| open in new tabUSDC-USDTB | $20.06m | 0.14% | 0.14% | 0.79% | |||||
| open in new tabUSDTB | $2m | 5.24% | 1.84% | 3.40% | 4.74% | ||||
| open in new tabUSDE-USDTB | $1.9m | 1.09% | 1.09% | 1.33% | |||||
| open in new tabUSDTBEVK Vault eUSDtb-2 | $116,771 | 6.41% | 3.01% | 3.40% | 6.59% |
No borrow routes found using USDTB as collateral.
