USDtb by @ethena_labs is a prime example of why projects with existing distribution should have their own stablecoins.
Given USDtb's key use case is for the Ethena team to hold as a stablecoin position for backing USDe, if they choose USDT/USDC instead, they will be missing out on most, if not all, of this $35M interest earned from the collateral backing (BUIDL).
Perp DEXs, Wallets, Chains, Prediction Markets, and Crypto Neo Banks are potential clients of Ethena's latest whitelabel service, as they hold millions or even billions of idle stablecoins.
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