USDtb is a blockchain-based USD stablecoin primarily backed by BlackRock's BUIDL tokenized treasury fund. Learn more here.

 have become a cornerstone of the crypto ecosystem, providing stability in a market known for its volatility. Among recent innovations is USDtb, a new stablecoin from Ethena Labs that leverages BlackRock's tokenized funds to create a reliable digital dollar alternative. 

This article examines USDtb's unique structure, its relationship with Ethena's existing 

 stablecoin and the way it bridges traditional finance with decentralized systems to offer a differentiated risk profile for both retail and institutional users.

 is a blockchain-based USD stablecoin primarily backed by the BlackRock BUIDL tokenized treasury fund. It provides institutional-grade stability with 24/7 accessibility in volatile market conditions.

, USDtb follows a traditional fully-backed stablecoin model in which each token represents one US dollar. This structure ensures value stability and transparency through a direct 1:1 backing relationship.

Eighty percent of USDtb reserves are invested in the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which holds cash, repurchase agreements and US Treasury instruments. The remaining 2% is held in stablecoins like 

, in order to maintain immediate liquidity during weekends or holidays when traditional treasury markets are closed.

, is known for USDe, its innovative synthetic dollar. The Ethena protocol bridges traditional finance with decentralized systems through sophisticated financial engineering and institutional partnerships.

Generally based on Arthur Hayes's early 2023 "Dust on Crust" blog post, Ethena has quickly established itself as a major player in the stablecoin ecosystem. The protocol employs 

 that pair spot crypto assets with corresponding short positions on derivatives exchanges, enabling impressive revenue while maintaining stability.

The Ethena ecosystem is governed by its native ENA token. With the introduction of USDtb, Ethena expands its offerings to include a fully-backed stablecoin supported by BlackRock's institutional-grade BUIDL fund, thus diversifying its solutions to suit different market conditions and users.

BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) is a tokenized money market fund that invests in dollar-equivalent assets, including cash, US Treasury bonds and repurchase agreements. Developed in partnership with Securitize, a leading 

 tokenization company, BUIDL represents BlackRock's entry into the tokenized treasury space.

BUIDL is cross-chain compatible, operating across multiple blockchains including Ethereum, 

. As the largest tokenized fund of its kind, BUIDL provides institutional-grade backing for USDtb, lending credibility to the stablecoin through BlackRock's established reputation in traditional finance.

USDtb represents Ethena's strategic approach to creating a more resilient ecosystem that can weather various market conditions, while bridging the gap between DeFi innovation and traditional financial systems. Following are some of its characteristics.

USDtb operates as a blockchain-based stablecoin through a sophisticated infrastructure designed for independence, transparency and security. Unlike traditional dollars, USDtb enables faster and cheaper transactions, while maintaining stability through institutional-grade backing.

The minting and redemption process occurs through a 

 system with strict controls. Only verified

 checks can mint or redeem USDtb directly. The system’s safeguards include maximum mint/redeem limits per block and whitelisted custodian addresses to prevent manipulation.

For transparency, USDtb maintains visible on-chain 

 and publishes monthly fund administrator NAV reports. Holders can use USDtb just as any digital dollar for payments, trading or storing value, though they receive no governance rights or claims to income generated by the backing assets.

USDtb offers the following four key benefits that make it a distinctive and valuable addition to the digital asset ecosystem.

USDtb delivers institutional-grade security through its strategic backing by BlackRock's BUIDL fund, which comprises over 80% of its reserves. This partnership leverages BlackRock's trillion-dollar asset management expertise, providing unparalleled stability and trust.

The USDtb stablecoin's sophisticated legal framework features a bankruptcy-remote structure, while its core smart contracts have successfully passed three comprehensive security audits by industry leaders Pashov Audit Group, Quantstamp and Cyfrin.

USDtb creates powerful bridges between traditional finance systems and cryptocurrency markets. For institutions, it serves as a low-friction entry point to digital assets without requiring users to navigate the complexities of volatile cryptocurrencies.

For individual users, USDtb is designed for seamless integration across DeFi protocols, use as collateral on 

 (CEXs) and prime broking venues, and direct accessibility for TradFi institutions — expanding its role within both digital and traditional financial ecosystems.

USDtb combines world-class expertise from multiple industry leaders. Ethena has demonstrated remarkable execution capability by scaling USDe to over $6 billion in market cap, while BlackRock brings unmatched credibility and treasury management expertise.

In addition, Securitize contributes cutting-edge tokenization technology as the recognized leader in converting real-world assets to blockchain tokens, creating a stablecoin with institutional pedigree, which is rarely seen in cryptocurrency markets.

Unlike TradFi systems that are constrained by business hours and settlement windows, USDtb operates continuously on blockchain infrastructure. This enables round-the-clock trading, transfers and redemptions, regardless of traditional market hours.

The strategic 20% stablecoin reserve ensures seamless redemptions, even during weekends or holidays — when treasury markets are closed — thus eliminating cross-border friction and enabling value transfers in minutes (rather than days).

USDtb's forward-looking strategy focuses on expanding its ecosystem presence and institutional adoption throughout 2025. The project aims to establish USDtb as a reliable dollar alternative, with multiple avenues for growth.

Looking toward broader financial applications, Ethena plans to incorporate USDtb into new DeFi offerings, including perpetual swap trading, prediction markets and undercollateralized lending solutions. These expanded use cases aim to increase USDtb utility beyond simple transfers.

USDtb operates as a fully collateralized stablecoin with a straightforward 1:1 peg to the US dollar. Each token is backed by institutional-grade assets, primarily BlackRock's BUIDL treasury fund (80%) and USDC reserves (20%), creating a stable digital dollar alternative.

The token supply expands and contracts, based on market demand, through a controlled minting and redemption process. New USDtb can only be created when onboarded users deposit equivalent value in approved assets, ensuring the backing never falls below 100%.

Distribution follows a hybrid model: initial minting is restricted to KYC-verified participants, but once in circulation, USDtb tokens trade freely across blockchain ecosystems with no transfer restrictions. This approach balances regulatory compliance with the open accessibility expected within 

USDtb is purely a transactional asset, with no governance functions. Holders receive no voting rights, participation in management decisions or claims to revenue generated by the backing assets — keeping the token's purpose clear as a stable medium of exchange and store of value.

Looking to trade USDtb tokens? Bybit now offers the USDtb/USDT Spot trading pair. To get started, you'll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

To celebrate this listing, Bybit is launching a 30-day promotional event with a 5% APR on USDtb holdings, as well as a permanent rewards program. Find out more 

Minting/Redeeming USDtb directly requires KYC and onboarding, in addition to following a structured verification process:

: Prospective users must first confirm they’re in a permitted jurisdiction by reviewing the 

: Qualified entities should make contact via this 

 to begin the evaluation process and determine suitability.

: All applicants must complete comprehensive know-your-customer and anti–money laundering verification. This process is thorough, and is designed to meet institutional compliance standards.

: Upon successful verification, users may be onboarded at their discretion, subject to the USDtb Terms and USDtb Mint User Agreement.

: Whitelisted users can then deposit approved assets into the system and receive newly minted USDtb through the secure smart contract infrastructure.

The direct minting process is primarily designed for qualified institutional participants who can meet the regulatory and compliance requirements.

While USDtb offers institutional-grade stability in the stablecoin market, investors should carefully weigh its strengths and risk factors before making investment decisions.

With its institutional backing and integration with Ethena's ecosystem, USDtb shows promise as a stable digital dollar alternative, particularly during market downturns. However, potential investors should 

 and consider their goals before investing, as USDtb is primarily a stability tool, rather than a yield-generating asset.

USDtb merges BlackRock's institutional credibility with blockchain technology's accessibility, creating a powerful bridge between traditional finance and decentralized systems. With its secure backing structure, utility during times of market volatility and an ambitious integration road map, USDtb is positioned to become a significant player in the digital dollar ecosystem.

Intermediate

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USDtb: The Ethena stablecoin backed by BlackRock's digital funds

Stool Prisondente (JAILSTOOL) is a meme coin launched on Solana, which stems from an inside joke within Dave Portnoy's Barstool Sports community.

Meme coins thrive on hype, but few have the backing of an internet icon like Dave Portnoy. Stool Prisondente (JAILSTOOL), a Solana-based token, was born from a joke about Portnoy’s hypothetical imprisonment, and has since become a real, tradable asset. Its rise highlights the ongoing Solana meme coin frenzy — as speculation meets sheer internet absurdity.

But is JAILSTOOL just another flash-in-the-pan meme coin, or could Portnoy’s influence push it toward becoming something bigger? This article will cover everything you need to know, from its origins and market performance to the risks of trading a coin driven entirely by online sentiment.

The Solana meme coin scene is a high-stakes, high-reward battlefield, where new tokens rise and fall within days — sometimes hours. Recent months have been particularly wild:

Unlike many meme coins that pop up without real backing, JAILSTOOL’s so-called Portnoy effect sets it apart.

, a media empire built on sports, pop culture and internet controversy. Portnoy is a polarizing figure, known for his unfiltered takes, viral rants and ability to move markets through sheer personality — whether in stocks or crypto.

During the 2021 crypto bull run, Portnoy dabbled in Bitcoin (BTC), Dogecoin (DOGE) and other speculative assets, often live-streaming his trades to his millions of followers. Though his crypto track record is mixed, his ability to command attention is undeniable.

This influence has played a major role in JAILSTOOL’s rapid rise.

The origin of Stool Prisondente, a meme coin launched on Solana, stems from an inside joke within the Barstool Sports community. Its name references a hypothetical scenario in which Portnoy ends up in prison — a concept that his audience found amusing enough to turn into a cryptocurrency.

The token was minted shortly after Portnoy publicly expressed interest in getting reinvolved with meme coins. Seizing the moment, opportunistic traders launched JAILSTOOL — and, thanks to Portnoy’s implicit endorsement, it quickly gained traction.

Though Stool Prisondente has no fundamental utility, its value lies in community engagement and the ongoing meme-driven trading culture that has defined Solana’s recent market dynamics.

 a fully diluted valuation (FDV) of $9.35 million, with a 24-hour trading volume of $12.45 million. The token hit an all-time high (ATH) of $0.2179 on February 9, 2025, when it reached a peak FDV of over $209 million. However, it has since plunged by over 95%, highlighting the extreme volatility of meme coins, and is currently 17.3% above its ATL of $0.007417 on February 18, 2025. 

The coin has experienced wild price swings typical of meme-driven assets. Early traders saw huge gains, while latecomers have been caught in inevitable sell-offs. This volatility is a feature, not a bug, and is what makes meme coins both exciting and incredibly risky.

 have directly impacted JAILSTOOL’s price movements. His ability to drive engagement and trading volume is reminiscent of Elon Musk’s influence over Dogecoin.

Several of Portnoy’s recent tweets have kept the coin’s momentum alive, with traders hanging onto every word for potential buy or sell signals. However, Portnoy himself has been careful not to overcommit — and therefore, likely to avoid any regulatory scrutiny.

Still, the mere association with Portnoy has been enough to sustain interest, proving once again that in the meme coin market, narrative often outweighs fundamentals.

For all its hype, JAILSTOOL is a high-risk asset, and potential investors should proceed with caution. Here’s why:

In short, investing in JAILSTOOL is more like betting than traditional investing. If you’re in it, you’re speculating on the next viral moment, rather than long-term value.

Stool Prisondente (JAILSTOOL) is a prime example of the modern meme coin era — a joke that turns into a multimillion-dollar token through hype, community engagement and effective influencer backing. Its association with Dave Portnoy has given the meme coin a stronger foothold than most new ones.

For those looking to trade JAILSTOOL, it’s now available on Bybit, where users can access the 

Beginner

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Stool Prisondente (JAILSTOOL): Dave Portnoy–Backed Meme Coin

Canary Capital, led by former Valkyrie co-founder Steven McClurg, has filed with the SEC to launch an ETF tracking Axelar’s AXL token, citing its strong developer team and growing institutional adoption. 

The S&P 500 gained 1.12%, led by materials, consumer discretionary, and industrials, after a one-month auto tariff exemption. Gold dipped 0.1% to $2,913.79, holding above $2,900 amid tariff concerns and ahead of U.S. payroll data. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 3.42%, with Bitcoin and Ether rising by 4.24% and 2.71%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is KAITO, which surged nearly 6.51% following the announcement of Kaito AI powering FalconX’s AskFocal to enhance crypto market insights.

Kaito (KAITO), founded in 2022, is an AI-powered crypto search engine that indexes web3 sources beyond traditional search engines. Priced at $1,099/month, it gathers data from platforms like Twitter, Discord, and research papers, using AI to filter noise and assess sentiment. 

, an AI-driven platform helping 80+ funds managing $10B+ navigate crypto markets by analyzing sentiment and filtering data from partners like CoinGecko and Token Terminal.

Check Out the Latest Prices, Charts, and Data of 

Canary Capital, led by former Valkyrie co-founder Steven McClurg, has filed with the SEC to launch an ETF tracking Axelar’s AXL token, citing its strong developer team and growing institutional adoption. Axelar, a cross-chain protocol integrated by J.P. Morgan, Microsoft, Uniswap, and MetaMask, enables secure blockchain interoperability. Former Coinbase legal chief Brian Brooks has joined Axelar’s new Institutional Advisory Board to support regulatory alignment. McClurg believes AXL will become a top-20 token as the market recognizes its potential.

Yesterday, BTC Spot ETFs saw a total net outflow of $6.9M, with no change in GBTC and the entire outflow coming from non-GBTC funds.

, a game server platform, raised $13.5M in funding and is backed by Bitkraft, Solana, and Polygon. Its Beamable Points Program is live, allowing users to earn points for a potential airdrop. The "Day 1 OG Badge" claim ends in 6 hours, so users should quickly create an account, complete tasks, and claim the badge.

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Canary Capital Files for Axelar ETF as Institutional Adoption Grows

Aave's new proposal outlines a major update to its tokenomics, focusing on revenue distribution, risk management, and a buyback initiative.

The S&P 500 dropped 1.22%, with most sectors down except tech, which gained on chipmakers and crypto stocks. Gold rose to $2,918 as US tariffs weakened the USD, fueling safe-haven demand amid recession fears. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.02%, with Bitcoin and Ether rising by 1.02% and 3.20%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is ADA, which surged nearly 18.4% following major developments, including its inclusion in the U.S. Crypto Strategic Reserve, governance advancements, and staking updates.

Cardano (ADA), founded in 2015 is a third-gen Proof of Stake blockchain designed to address scalability issues. Its five-phase roadmap—Byron (launch), Shelley (decentralization), Goguen (smart contracts), Basho (sidechains), and Voltaire (governance)—aims to make Cardano fully decentralized and self-funded. 

 ADA’s inclusion in the U.S. Crypto Strategic Reserve, an upgraded staking rewards calculator, and IOG’s new documentary on Cardano’s governance. Other key updates include Babel Fees for flexible payments, the 2025+ governance roadmap for on-chain voting, and the launch of the Cardano Development & Ecosystem Cooperative (CDEC) to drive decentralized innovation.

 outlines a major update to its tokenomics, focusing on revenue distribution, risk management, and a buyback initiative. It retains rewards for GHO stakers while introducing “Anti-GHO,” a non-transferable token earned by AAVE and StkBPT stakers. The “Umbrella” safety system is designed to reduce the impact of bank runs and safeguard against bad debt. Additionally, the proposal suggests forming the Aave Finance Committee (AFC) to manage a $1M/week AAVE buyback over six months. With DeFi expanding and Aave leading at $17.5B in total value locked, buybacks are increasingly used to boost investor confidence and ecosystem resilience.

Yesterday, BTC Spot ETFs had a net outflow of $143.5M, with GBTC unchanged and all losses from non-GBTC funds.

 token on Ronin on March 11 after migrating from Avalanche. The 7B supply token will fuel the game's ecosystem, with 50% allocated to community incentives, including airdrops and staking rewards. A community sale via Ronin Launchpad offers FAME at $0.00429 before launch. The game, backed by NBA stars and brands like Gatorade, aims to expand its sports gaming presence.

Aave Proposes Tokenomics Revamp with Safety System, Revenue Redistribution, and Buybacks

Bybit Learn

What's Happening

Bybit suffered a major hacking incident on February 21, 2025, affecting one of Bybit's Ethereum cold wallets and resulting in almost $1.5 billion in losses.

Bybit suffered a major hacking incident on Feb 21, 2025, affecting one of Bybit's Ethereum cold wallets and resulting in almost $1.5 billion in losses. The exploit is linked to the North Korean state-backed Lazarus Group.

 — Bybit conducted a routine transfer from one of our Ethereum multisig cold wallets to a warm wallet, first transferring an amount of 30,000 ETH.

 — Hackers exploited the UI of the Safe multisig cold wallet through a sophisticated phishing attack, musking the specific transaction, which resulted in the change in smart contract logic of the ETH cold wallet. This allowed hackers to transfer out the funds from the compromised cold wallet, splitting it all across 39 addresses.

Only a single Bybit cold wallet was compromised, resulting in the loss of $1.46 billion as follows:

 — Bybit's co-founder and CEO Ben Zhou 

 about the evolving situation, informing the community early on that the hackers "took control of the specific ETH cold wallet," and assuring users that Bybit is solvent and can cover the loss, ensuring client assets are backed 1:1.

 that "Bybit is Solvent even if this hack loss is not recovered, [and] all of clients' assets are 1 to 1 backed, [so] we can cover the loss."

 to explain the situation transparently to affected users.

Through a phishing attack on the Ethereum cold wallet multisig signers, the transaction and Safe UI was spoofed, allowing the hacker to change the smart contract logic of the multisig wallet. This allowed the hacker to gain control of the Bybit cold wallet, and to transfer out the funds. Our team is still investigating how the hacker was able to spoof the cold wallet, and we will release a full postmortem report shortly.

Ben stated during a livestream that there are currently no plans to purchase ETH. However, he emphasized that the company is actively seeking assistance and leveraging bridge loans from partners, in order to navigate liquidity constraints during this critical period.

Ben clarified that Bitcoin remains the primary reserve asset, and that other cold wallets remain unaffected.

Ben reassured users that all products and services are operating as usual. Withdrawals have not been halted, and continue to be processed as normal.

Bybit’s Head of Derivatives and Institutional, Shunyet Jan, confirmed during the livestream that the platform’s P2P services are functioning normally.

 — ZachXBT submitted definitive proof linking the attack to the Lazarus Group, a North Korean cybercriminal organization, and 

 the bounty from Arkham Intelligence. His analysis included test transactions, connected wallets, forensic graphs and timing details. 

 to ZachXBT, the cluster of addresses is also linked to the Phemex and BingX hack.

 40,000 ETH to Bybit, exhibiting the strong support demonstrated by industry partners and peers.

 the case to the appropriate authorities, and will provide updates as soon as further information becomes available. It actively collaborated with on-chain analytics providers in order to identify and demix the implicated addresses.

 that 99.994% of over 350,000 withdrawal requests had been processed within 10 hours following the hack, with the Bybit team working around the clock to ensure smooth operations and assure client concerns.

 that there was neither any compromise of its codebase, nor any malicious dependencies, and no other Safe addresses were affected. Following the incident, Safe has temporarily paused its {Wallet} functionality in order to conduct a thorough review of service.

 that the Bybit hack was significant, and had dealt a heavy blow to the industry. However, Bybit’s reserves still exceed its liabilities, and its user funds remain fully backed.

 that all withdrawals have been processed, and that the platform has resumed normal operations, less than 12 hours after the $1.4 billion hacking incident, the largest in the industry to date.

 — According to the latest monitoring data from 

, over $4 billion in funds have flowed into the Bybit trading platform in the past 12 hours. Comparative fund inflow analysis indicates that this capital influx has fully covered the shortfall caused by yesterday’s hack.

 on X, stating that while they have made every effort to assist, as a decentralized protocol they’re unable to fully block, freeze or redirect any funds.

 — Ben and Shunyet held a Chinese-language 

 with ETHPanda, Wu Blockchain, Bitget CEO Gracy Chen and other participants, in order to discuss the hack incident and share their insights on how to manage it.

 that Tether had frozen $181,000 USDT linked to the hack.

 approximately $4 billion in withdrawals following the surge (post-exploit). Hacken confirmed that Bybit's user funds remain fully backed, with reserves still exceeding liabilities.

 — Bybit launched a Recovery Bounty Program, with a reward of 10% of the stolen funds. To participate, contact Bybit at 

 with Crypto Town Hall, to discuss how he was handling the situation post-hack; the industry support Bybit received from peers, such as Bitget; and the way that the Bybit team was working tirelessly to handle the crisis. 

Ben also stated that rolling back Ethereum should be a community decision, rather than an individual choice, possibly through a vote.

 that the issue goes beyond Bybit or any single entity, stating, "It’s about our industry's approach to hackers." He urged eXch to reconsider and assist in blocking the outflow of funds.

 that all deposits and withdrawals have resumed to normal levels.

 — In total, $42.89 million of exploited funds were frozen, 

 of industry partners, including Tether, THORchain, ChangeNOW, FixedFloat, Avalanche, CoinEx, Bitget and Circle. Additionally, mETH Protocol recovered 15,000 cmETH tokens worth nearly $43 million.

 $1.23 billion in ETH through bridge loans, whale deposits and OTC purchases, effectively covering the ETH deficit from the exploit.

— Hacken, an independent blockchain security firm, 

 an updated proof-of-reserves (PoR) report. Bybit has fully closed the ETH gap of client assets within 72 hours, through strategic partnerships with Galaxy Digital, FalconX, Wintermute and others, along with support from Bitget, MEXC and DWF Labs. Key assets, such as BTC, ETH, SOL, USDT and USDC, exceed 100% collateral ratios. Users can read the full report 

 the launch of the LazarusBounty program — the industry-first bounty platform that specifically aims to recover funds allegedly stolen by the North Korean state-backed Lazarus Group in the Bybit exploit.

 the preliminary reports of the hack. These reports, conducted by Sygnia Labs and Verichains, both have suggested that the root cause of the hack was due to malicious JavaScript code on Safe{Wallet}'s platform, and no vulnerability was detected in Bybit's infrastructure. For more information, download the reports 

 the V1.1 update to the LazarusBounty platform, which added the following:

Bybit Security Incident: Timeline of Events and FAQs

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards