Protocol Information
USDtb is a digital dollar, otherwise known as a USD stablecoin. USDtb can be used the same way a holder would use any other dollar, whether to send and receive payments, acquire and trade assets, or to simply hold dollars.
Sub Category: Treasury Bills
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubCompetitors
Ethena USDtb history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Dec 16, 2024 to Oct 28, 2026.
All-time high TVL: $1.843b on Nov 6, 2025. All-time low TVL: $10.41m on Dec 16, 2024.
Daily TVL, Sep 29, 2026 to Oct 28, 2026
| Date | TVL |
|---|---|
| Sep 29, 2026 | $492.3m |
| Sep 30, 2026 | $492.59m |
| Oct 1, 2026 | $496.35m |
| Oct 2, 2026 | $492.5m |
| Oct 3, 2026 | $492.73m |
| Oct 4, 2026 | $492.71m |
| Oct 5, 2026 | $492.76m |
| Oct 6, 2026 | $488.59m |
| Oct 7, 2026 | $488.56m |
| Oct 8, 2026 | $454.41m |
| Oct 9, 2026 | $454.2m |
| Oct 10, 2026 | $470.15m |
| Oct 11, 2026 | $470.16m |
| Oct 12, 2026 | $470.38m |
| Oct 13, 2026 | $470.2m |
| Oct 14, 2026 | $473.58m |
| Oct 15, 2026 | $472.99m |
| Oct 16, 2026 | $475.7m |
| Oct 17, 2026 | $475.58m |
| Oct 18, 2026 | $475.71m |
| Oct 19, 2026 | $475.63m |
| Oct 20, 2026 | $475.61m |
| Oct 21, 2026 | $477.43m |
| Oct 22, 2026 | $477.11m |
| Oct 23, 2026 | $476.82m |
| Oct 24, 2026 | $476.83m |
| Oct 25, 2026 | $476.84m |
| Oct 26, 2026 | $476.81m |
| Oct 27, 2026 | $476.51m |
| Oct 28, 2026 | $476.01m |
TVL at each month end, Dec 2024 to Oct 2026
| Date | TVL |
|---|---|
| Dec 31, 2024 | $89.33m |
| Jan 31, 2025 | $89.45m |
| Feb 28, 2025 | $89.66m |
| Mar 31, 2025 | $1.433b |
| Apr 30, 2025 | $1.438b |
| May 31, 2025 | $1.449b |
| Jun 30, 2025 | $1.461b |
| Jul 31, 2025 | $1.445b |
| Aug 31, 2025 | $1.48b |
| Sep 30, 2025 | $1.836b |
| Oct 31, 2025 | $1.832b |
| Nov 30, 2025 | $1.339b |
| Dec 31, 2025 | $843.21m |
| Jan 31, 2026 | $864.33m |
| Feb 28, 2026 | $835.09m |
| Mar 31, 2026 | $868.49m |
| Apr 30, 2026 | $584.48m |
| May 31, 2026 | $1.06b |
| Jun 30, 2026 | $735.77m |
| Jul 31, 2026 | $355.73m |
| Aug 31, 2026 | $483.37m |
| Sep 30, 2026 | $492.59m |
| Oct 28, 2026 (latest) | $476.01m |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/ethena-usdtb
Frequently asked questions
What is Ethena USDtb's TVL?
As of Oct 28, 2026, Ethena USDtb has $475.03m in total value locked. TVL has decreased 3.4% over the past 30 days.
What chains does Ethena USDtb operate on?
Ethena USDtb operates on Ethereum. Ethereum holds the largest share at 100%.
How does Ethena USDtb's TVL compare to similar protocols?
Among RWA protocols tracked by DefiLlama, Ethena USDtb ranks #1 by TVL. The category holds $4.109b across 176 protocols, and Ethena USDtb accounts for 11.6% of that total. Similar protocols include Re, Huma, Anemoy Capital, OpenTrade, Plume Vaults, Theo Network thUSD, Frax USD, Ember, Usual USD0, and Sky RWA.