Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has become the first platform to list USDtb, a blockchain-based USD stablecoin. This new addition to Bybit’s Spot exchange marks a significant development in the evolution of digital dollars.

USDtb, created and managed by Ethena Labs, combines the liquidity of stablecoins with the security and transparency of institutional-grade U.S. Treasury assets. The stablecoin is primarily backed by BlackRock’s USD Institutional Digital Liquidity Fund Token (BUIDL ($1.00)), which holds 100% of its assets in cash, U.S. Treasury Bills, and other short-term U.S. government obligations. This conservative backing offers a compelling option for investors seeking both stability and yield in the digital asset ecosystem.

A New Chapter in Stablecoins

Unlike traditional stablecoins, USDtb blends tokenized U.S. Treasury fund products with a stablecoin reserve. This combination delivers a unique mix of stability, flexibility, and instant liquidity. The next-generation stablecoin enables faster and cheaper transactions compared to traditional banking systems, while offering users stable returns with principal protection.

The timeline for USDtb’s integration into Bybit’s platform began with its listing on Spot Trading on March 4, 2025, at 8 AM UTC. Withdrawals opened on March 5, 2025, at 8 AM UTC, followed by a 5% airdrop with the first snapshot taken on March 6, 2025. The first reward distribution is scheduled before March 7, 6 AM UTC. Deposits and withdrawals are available via the ETH ($2,948.69) network.

Exclusive 5% APR Boost for Bybit Users

To celebrate the listing, Bybit is offering a 5% Annual Percentage Rate (APR) on USDtb holdings for new and existing eligible users, with no lock-up requirements. This promotion runs from March 6 to April 4, allowing eligible users to enjoy the limited-time 5% APR on USDtb holdings, starting at a minimum of 0.00005 USDtb.

Rewards will be distributed in USDtb on a first-come, first-served basis, capped at a total of 200 million USDtb tokens. The APR will gradually decrease after the cap is reached. However, all USDtb holders on Bybit will continue to earn rewards indefinitely after the promotional period ends.

Jerry Li, Head of Earn & Wealth Management at Bybit, stated, “By listing USDtb, Bybit is pioneering a new frontier for stablecoins — bridging traditional finance and digital assets with unprecedented transparency and institutional-grade security.”

For more details, the official announcement can be found here.

Why This Matters: Impact, Industry Trends & Expert Insights

Bybit has listed USDtb, a new stablecoin backed by U.S. Treasury assets, marking a significant development in the stablecoin market.

Recent industry reports indicate that stablecoins are increasingly used for cross-border transactions and digital payments, with their market dominance rebounding. This aligns with Bybit’s introduction of USDtb, which offers institutional-grade stability and liquidity, potentially enhancing its appeal in the growing stablecoin market.

As per insights from Coindar, Bybit’s decision to list USDtb reflects its strategic expansion to attract more users. This supports Bybit’s aim to pioneer a new frontier for stablecoins, bridging traditional finance and digital assets, thereby reinforcing its competitive position in the crypto exchange market.

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