USDtb, Ethena Labs’ synthetic stablecoin, surged 1,500% in market capitalization in March, driving it to the eighth-largest stablecoin by market cap. USDtb’s market cap is hovering at around $1.4 billion, reflecting a 25% increase in the past week alone. USDtb’s March growth allowed it to enter the top 10 stablecoins by market capitalization for the first time. The synthetic stablecoin is backed by BlackRock’s BUIDL fund, with over 90% of its reserves held in BUIDL. Ethena Labs’ founder recently stated that the company is responsible for 95% of the growth in the BUIDL token, which surged 160% in March, reaching a new all-time high of $1.47 billion, according to a new report by CoinDesk. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io