USDtb: Ethena's Stablecoin Powered by BlackRock
Binance Alpha is a platform in Binance Wallet for promising crypto projects. US GAAP now mandates fair value measurement for certain crypto assets, with changes in net income and additional disclosures. Ethena Labs launched USDtb, a BlackRock-backed stablecoin.
Binance Alpha
Binance recently launched Binance Alpha, a feature inside the Binance Wallet that’s turning heads in the crypto space.It highlights early-stage crypto projects with potential in Web3 and acts as a pre-listing token pool, offering a rare glimpse into tokens under consideration for Binance Exchange.Tokens featured on Binance Alpha are identified based on industry insights and analysis, showcasing projects with notable community interest, growing traction, and alignment with emerging trends in the crypto space.Although there is no assurance of future listings, some of the tokens featured on Binance Alpha may be considered for the Binance Exchange, offering users insights into promising projects within the blockchain and Web3 landscape.
US GAAP updates accounting rules for cryptocurrency
On December 13, 2023, the FASB issued ASU 2023-08, which addresses the accounting and disclosure requirements for certain crypto assets.Previously, many companies treated their crypto holdings as intangible assets subject to impairment testing. Now the new guidance requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period (quarterly, annually...). In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets.When adopting the final standard, entities are required to record a cumulative-effect adjustment to retained earnings (or other appropriate components of equity or net assets) as of the beginning of the annual period of adoption. Retrospective restatement would not be required or allowed for prior periods.
Ethena launching new stablecoin USDtb
Ethena Labs has launched USDtb, a stablecoin backed by BlackRock’s USD Institutional Digital Liquidity Fund in partnership with Securitize. Similar to USDC or USDT, USDtb maintains a 1:1 reserve ratio with cash. It offers unrestricted transferability and scalability due to its reliance on BlackRock's BUIDL for 90% of reserves.Distinct from USDe, USDtb provides a new stablecoin option with a different risk profile. Ethena’s Risk Committee approved USDtb as a backing asset to manage market risks when funding rates are negative. Additionally, it may be utilized as margin collateral on partnered centralized exchanges.USDtb’s public documentation is available at: docs.usdtb.money
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