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Stablecoins

Ethena USDtb (USDTB)

Data as of 3 October 2026 · Official site

Ethena USDtb (USDTB) is a fiat-backed stablecoin pegged to the US dollar, issued across 2 chains. On 3 October 2026 its circulating supply was $533.6M, up 0.9% over 30 days, which places it 21st of 48 stablecoins tracked here. DefiLlama prices it at $0.9997. Supply is what the issuer has outstanding. It is not a measure of reserves, and a steady supply figure says nothing on its own about whether the peg is holding.

Circulating supply, over time

Circulating supply, USD: $251K at the start of the series, $533.7M at the end. $0 $500.0M $1.0B $1.5B $2.0B Dec 24May 25Nov 25Apr 26Oct 26
Circulating supply, USD. Weekly points for the last two years, monthly before. Source: DefiLlama, retrieved 3 October 2026.

Among stablecoins

Circulating supply by stablecoin: top 25 of 48 tracked, Ethena USDtb (USDTB) ranked 21. Source: DefiLlama, 3 October 2026.
#StablecoinCirculating supply
1 Tether (USDT) $184.0B
2 USD Coin (USDC) $74.2B
3 Sky Dollar (USDS) $6.8B
4 Ethena USDe (USDe) $4.9B
5 Dai (DAI) $4.8B
6 World Liberty Financial USD (USD1) $4.4B
7 Global Dollar (USDG) $3.1B
8 PayPal USD (PYUSD) $2.9B
9 Ripple USD (RLUSD) $2.5B
10 Circle USYC (USYC) $2.4B
11 BlackRock USD (BUIDL) $2.2B
12 Ondo US Dollar Yield (USDY) $2.2B
13 United Stables (U) $1.6B
14 USDD (USDD) $1.5B
15 Falcon USD (USDf) $1.5B
16 USDGO (USDGO) $1.2B
17 GHO (GHO) $698.5M
18 Open USD (OUSD) $666.2M
19 Usual USD (USD0) $546.0M
20 EURC (EURC) $536.1M
21 Ethena USDtb (USDTB) $533.6M
22 YLDS (YLDS) $512.2M
23 Polymarket USD (pUSD) $489.8M
24 Multipli rwaUSDi (rwaUSDi) $487.4M
25 TrueUSD (TUSD) $484.2M

See all 48 stablecoins

Supply by chain

Supply by chain, Ethena USDtb (USDTB), 3 October 2026. Source: DefiLlama.
ChainUSD
Ethereum $492.6M
Solana $40.9M

Issuer disclosures recorded by DefiLlama

The mint and redeem contract is a smart contract defining the operations for minting and redeeming USDtb tokens based on cryptographically signed orders controlled by a single admin. EIP-712 and EIP-1271 are the signing methods currently supported. The price present in any mint/redeem orders is determined by an off-chain RFQ system, which a benefactor may accept by signing an order and submitting it to the USDtb RFQ server

Audit and attestation links: docs.usdtb.money. Cryptonist has not verified them.

Price on the snapshot date: $0.9997. Chains: 2.

Source: DefiLlama, retrieved 3 October 2026, under its open methodology. Figures are a dated snapshot, not a live feed.