USDtb depth readEthena USDtb

Yield-bearing stablecoinOff-chain dependencySource attached

An Ethena dollar product whose source trail requires current issuer documentation review.

What this page answers

This page separates USDtb's issuer claim from observable Bathymark data. Live open data is shown only when a source is connected; otherwise the field stays unknown.

Methodology Data sources Redemption map Comparisons

Yield-bearing stablecoin context for Ethena USDtb. — Leeloo The First via pexels

real-world context

The token is only the surface.

USDtb depends on more than an on-chain balance. The relevant read is the asset claim, issuer, documents, custody path, and exit route behind the wrapper.

Yield-bearing stablecoin

USDtb

Ethena USDtb

Off-chain dependencySource attached

An Ethena dollar product whose source trail requires current issuer documentation review.

Backing claim: Issuer claim requires current Ethena source review.
Issuer: Ethena
Custodian or holder: Requires current Ethena source review.
Redemption access: Unknown in the current Bathymark product registry.
Liquidity status: Insufficient data
Peg or NAV stress: Live market price and visible supply are connected through DeFiLlama; backing and redemption details remain separate.

What Bathymark can verify

issuer identity
official issuer source
current visible supply and market price through DeFiLlama

What it cannot verify

current backing
current redemption status
current liquidity
custody chain

live open data

Connected source read

DeFiLlama Stablecoins API

Bathymark can read current visible supply and market price from DeFiLlama. Backing, portfolio holdings, redemption access, and holder rights still require issuer documents and off-chain source review.

Visible supply: $774.78M
Market price: $0.9996
Peg drift: 4 bps below $1.00
Chains reported: Ethereum, Solana

Plain-English summary

What it claims to represent

Issuer claim requires current Ethena source review.

Current visible depth

Source freshness

Holding. Last reviewed 2026-06-30 UTC.

Closest comparison

USDe, tokenized Treasury products

What could break

Visible risk

Official issuer source, visible supply, and market price are connected, but product-level backing and redemption details remain off-chain.

Invisible or off-chain risk

Backing, custody, redemption, and market access may depend on off-chain parties and documents.

Questions this page answers

What is USDtb?

An Ethena dollar product whose source trail requires current issuer documentation review.

What does USDtb claim to represent?

Issuer claim requires current Ethena source review.

Can USDtb be redeemed?

Unknown in the current Bathymark product registry.

What can Bathymark verify about USDtb?

issuer identity; official issuer source; current visible supply and market price through DeFiLlama

What remains off-chain for USDtb?

Backing, custody, redemption, and market access may depend on off-chain parties and documents.

Connected to USDtb

Follow the wrapper out: the chains it lives on, its category, the comparisons that weigh it, and the products it sits beside.

syrupUSDC syrupUSDT USDe RWA depth map

sounding live water._-~=+*#*+=~-_.

Plain-English summary

What it claims to represent

Issuer claim requires current Ethena source review.

Current visible depth

Source freshness

Holding. Last reviewed 2026-06-30 UTC.

Closest comparison

USDe, tokenized Treasury products

Questions this page answers

What is USDtb?

An Ethena dollar product whose source trail requires current issuer documentation review.

What does USDtb claim to represent?

Issuer claim requires current Ethena source review.

Can USDtb be redeemed?

Unknown in the current Bathymark product registry.

What can Bathymark verify about USDtb?

issuer identity; official issuer source; current visible supply and market price through DeFiLlama

What remains off-chain for USDtb?

Backing, custody, redemption, and market access may depend on off-chain parties and documents.