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.

Ninety 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 10% 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 stablecoin is issued by Pallas (BVI) Ltd., which the Pallas Foundation — a purposely-designed entity with no members, beneficiaries or shareholders — solely owns. This bankruptcy-remote structure ensures USDtb operates independently from other business interests. An independent professional, Marc Piano of Horizons Global, directs the Foundation.

Backing assets are managed by Pallas Fund (BVI) Ltd., which invests primarily in BlackRock's BUIDL token. This two-tier structure enables 24/7 operations and prompt redemptions, even when traditional markets are closed. Institutional-grade solutions provide all custodial services.

The minting and redemption process occurs through a 

 system with strict controls. Only verified 

 checks can mint USDtb directly. The system’s safeguards include maximum mint/redeem limits per block and whitelisted custodians 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 90% 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 10% 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.

A Telegram-based payment application with Apple Pay functionality is under development, which will expand USDtb's reach to everyday retail transactions, and potentially introduce the stablecoin to millions of new users globally.

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 (90%) and USDC reserves (10%), 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 verified Mint 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 institutional participants through Pallas, 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 USDtb directly requires institutional qualification, 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 contact Pallas representatives via email at support@pallas.vg 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, Pallas may whitelist approved entities as 

 at their discretion, subject to the USDtb Terms and USDtb Mint User Agreement.

: Whitelisted Mint 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 established by Pallas (BV) Ltd.

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

Strategies

Event-driven trading is a strategy that seeks to exploit pricing inefficiencies, which may occur before or after a key event. Learn more here.

Event-driven trading strategies have long been employed by private equity traders and hedge funds as they conduct in-depth research on upcoming corporate events, calculating the rate of success and whether the payoff is worth undertaking the risk. From mergers and earnings announcements to share offerings and executive resignations, such instances often cause huge volatility as short-term traders buy and sell according to existing sentiment. 

In the case of cryptocurrencies, while the general strategy remains the same, traders instead pay attention to key crypto-related events like blockchain upgrades, strategic partnerships and regulatory changes. Read on to find out how this event-driven trading strategy plays out in an actual scenario.

Event-driven trading is a strategy that seeks to exploit pricing inefficiencies, which may occur before or after a key event. In the context of crypto, these events include blockchain upgrades, mergers, acquisitions, strategic partnerships, central bank data announcements and regulation changes.

There are generally two types of events that event-driven trading strategies target: pre-event and post-event. Trading the pre-event hype involves planning, so traders can take advantage of the upcoming volatility that they know usually accompanies such a key event. Post-event trading involves careful analysis of existing demand and supply zones so traders can leverage upon increased trading volume caused by fear-of-missing-out (

Event-driven trading involves several steps. First, traders identify upcoming events that have the potential to greatly impact an underlying crypto's price. Examples range from the 

 to regulators potentially stepping in to start a 

Once the event is identified, traders then analyze how the market will react to the news, and whether there's any validity to the sudden volatility. This involves comprehensive research to ensure all scenarios and potential happenings are taken into account before deciding whether or not the traders want to take a position in anticipation of the event. 

If so, they then decide what type of order to place — either a buy or sell limit order — at which point they can set up their trade. For more advanced crypto traders who have experience in 

 can be deployed, with crypto options in particular being especially handy since the increased volatility will bump up the implied volatility of the option. This will ultimately make writing the option contract that much more profitable.

One key strategy is to be disciplined with existing capital, and to understand the potential risks involved when it comes to the event’s impact. Take-profit levels should be placed, so traders can lock in their profits despite ongoing volatility. If the market moves unexpectedly, planned stop-loss orders should be executed to protect trading capital, and to keep account balances from being wiped out with a single trade.

Event-Driven Trading Example: Ethereum Merge

Hyped up as the biggest crypto event of 2022, the crypto space was filled with buzz for the 

 prior to its completion in September 2022. As a result, speculation was at all-time highs as event-driven traders began to theorize and plan for the upcoming volatility. 

From optimists expecting FOMO buyers to cause ETH prices to skyrocket, to bearish traders asserting that the Merge could be potentially delayed, there were various schools of thought when it came to the notion of profiting from the Ethereum Merge. 

After it officially took place, ETH prices tumbled by close to 4% that day, as traders were quick to buy the rumor and sell the news. Like most telegraphed events and catalysts, the Merge was already priced into Ethereum’s fundamentals, and failed to cause a larger move than expected. This ultimately allowed both bearish ETH traders and those who wrote ETH contracts to profit from the volatility.

Event-driven trading does offer several benefits, particularly when it comes to crypto. Here are a couple to take note of.

Planning for Events Encourages Increased Risk Management

If you don’t plan to succeed, you’re planning to fail. This well-known adage holds extra weight when trading and speculating on the impact of upcoming events and catalysts. Cyclical events, like earnings calls and U.S. Federal Reserve meetings, can often be backtested to gauge their impact on specific assets. Traders can then gauge a rough understanding of the assets’ price movements. As traders plan ahead, they’ll be more aware of 

 before diving into a trade, which can contribute to their overall 

 as they decide when to take profit or cut losses.

Event-driven trading also gives traders a way to earn potential profits without having to continuously monitor the market or day trade. By conducting personal due diligence on upcoming catalysts, and planning for trades, limit orders can be set up before an event occurs. This allows traders to stay on top of markets without being glued to their charts all day long, and can prove beneficial for those who don't have the time to 

While event-driven trading can be a lucrative strategy when done properly, it carries certain dangers that traders should be aware of before diving in.

One of the central risks is that events may not unfold as expected, or may even result in a big price movement that could lead to losses for traders who dabble in crypto options and are expecting a huge move in either direction. As an example, we’ll use the case of traders purchasing option contracts ahead of a hotly anticipated blockchain upgrade. If the market fails to react with as much volatility as expected, those trades may end up being unprofitable as implied volatility falls, immediately crushing the premiums of the purchased option contracts.

Another risk is that event-driven traders can be susceptible to manipulation. Since traders are reacting to news and events, they may be exploited by market makers or large institutions that have the capital advantage over retail investors. Such 

 can easily change market sentiment with their large-volume buys and sells. This may result in greater-than-expected losses if traders are caught on the opposite end of their trades. Therefore, it’s key for traders to take these potential risks into account, respond quickly enough to cut their losses and protect their existing capital where possible.

Tips on How to Profit From Major Crypto Events

When it comes to successful event-driven trading, there are several important tips for all traders to take into account.

Not Getting the Short End of the Bid-Ask Spread

Inexperienced traders may fall prey to emotional trading when trying to get their entry or exit orders filled. This can result in the immediate use of market orders. While this gets the job done, it can result in a bad average entry or exit price when the 

 is too wide. Thus, we recommend using predefined limit orders to take advantage of price movements, without having to constantly check the markets. This provides more flexibility and control over trades, letting you capture quick profits while avoiding large losses in case of an unexpected market move.

The central tenet of due diligence cannot be overstated. For event-driven trading, traders must be aware of the impact of an event and how it can impact the fundamentals of a specific coin or token. That’s why it’s key to 

 and stay up-to-date on all news and events related to a project. Knowing what upcoming events may cause a price movement or have an impact on market sentiment can be immensely beneficial when formulating an event-driven strategy. To form the basis of your due diligence process, we recommend following relevant 

As with all forms of active trading, risk management is key for successful event-driven trading. It allows traders to protect their investments, especially if events don’t unfold as anticipated. Manage the risk of your entries and exits by setting reasonable stop losses in case things don’t go according to plan. It’s also important to make use of 

, which involves limiting the size of each trade per your overall risk appetite and capital allocation.

Whether you’re a beginning or experienced trader, event-driven trading can definitely be a useful strategy if you want to take a more active role when speculating. By taking advantage of price movements that result from key events related to a specific coin or token, well-informed traders can stay ahead of the curve and make use of the ensuing volatility to profit. 

While there are certain risks that come with this type of trading, it allows those actively involved in the market to plan ahead, and avoid making trades based on their emotions. As previously mentioned, doing your research enables you to manage risk within your means. In addition, using limit orders instead of market orders can help you make use of event-driven strategies to potentially snap up quick profits while limiting losses in case things don’t go as expected.

In conclusion, event-driven trading can be a lucrative strategy for those who have done their research and are prepared to respond quickly to the markets when news and events take place. With proper risk management and execution, it’s possible to generate consistent returns from event-driven trading. However, there are also risks involved with event-driven trading, so traders must remain vigilant about potential pitfalls that may arise when things don’t go according to plan, and stay calm in order to keep trading losses to a minimum when using this strategy.

Event-Driven Trading: Profiting Off Major Crypto Events

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards