Ethena Labs Launches USDtb Stablecoin Backed by BlackRock’s BUIDL Fund

Daily Top Performer — Eigenlayer (EIGEN)

The S&P 500 rose 0.38% as investors await the Fed's rate decision and 2025 outlook. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 3.87%, with Bitcoin and Ether rising by 2.69% and 5.02%, respectively in the past 24 hours.

Today's top performer is EIGEN, which surged 11.2% after the Eigen Foundation pledged 1% of the EIGEN supply to support the Protocol Guild.

EigenLayer (EIGEN), founded in 2021, is an Ethereum-based protocol that allows ETH stakers to restake ETH and Liquid Staking Tokens (LSTs) to boost security for other protocols, earning extra rewards while providing access to Ethereum's validator network. The Eigen Foundation has committed 1% of its EIGEN supply to support the Protocol Guild, a key funding mechanism for Ethereum’s core Layer 1 R&D. This pledge, which was mentioned in the Season 2 stakedrop blog post, aims to ensure ongoing funding for Ethereum maintainers and contribute to the network's decentralized growth and sustainability.

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Talk of the Town

Ethena Labs has launched USDtb, a new stablecoin backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) in partnership with Securitize. USDtb’s reserves are primarily invested in BUIDL, with 90% of its backing allocated to it. The stablecoin aims to provide a scalable and differentiated option compared to existing stablecoins, with the potential to mitigate risks for Ethena’s USDe token. USDtb can also be used as margin collateral on exchanges and is being considered for Spark’s $1bn Tokenization Grand Prix. It has passed multiple audits and supports seamless cross-chain transfers via LayerZero.

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Bitcoin Spot ETF Flows

Yesterday, BTC Spot ETF saw total flows of $218.7M, with $17.6M from GBTC and $201.1M from non-GBTC.

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Airdrop to Watch

Nifty Island is launching its ISLAND token on December 17 as an ERC-20 utility token with a total supply of 1 billion. The token will power its gaming metaverse, offering staking rewards, exclusive in-game resources, consumables, and governance rights. ISLAND will primarily be distributed to the community (40.1%), including play-to-airdrop participants, ecosystem incentives, and rewards pools. Investors, advisors, and the team have long-term token locks, while a small portion supports exchange liquidity and the project treasury. Users can claim ISLAND on the Nifty Island website and benefit from staking for enhanced gameplay rewards and platform advantages.