Only then did I find out that within the TopMint circle, people are no longer talking about A8A9; now they’re talking about C8C9.
A = Asset = Net household assets = real estate + equity + wealth management products - liabilities
C = Cash = cash you can withdraw anytime + highly liquid demand-deposit wealth management products
Someone with an A9 net worth might still live a tight, cramped life. But someone with a C9, regardless of the scale, is truly financially free in the real sense.
I’m using this example to show that there are differences between assets and assets.
Some assets look like the numbers are huge, but when you really need to use them, they take a long time to liquidate, come with big discounts, and you might even have to do a forced fire-sale at a “bone-breaking” loss. Some others, however, can be converted to cash instantly—making them the strongest reserve to handle unforeseen needs.
In the financial system, assets that can be used at any time and almost don’t lose value are usually put into a dedicated pool called a “Liquidity Buffer.”
Traditional finance has extremely strict requirements for this. According to the Basel Accord, only cash, central bank reserves, U.S. Treasury bills—things like those—can count as a bank’s liquidity buffer.
In the crypto world, top-tier projects are actually using the same logic. The assets that can serve as a liquidity buffer must be the most reliable, readily liquidatable assets—such as USDT and USDC.
Recently, top lending platform Maple Finance did something that very clearly illustrates this.
Maple has officially added Ethena’s USDtb into this buffer pool as one of its core holdings. It also became the first partner to use Ethena Whitelabel Liquidity, gaining high-quality, on-chain stablecoin liquidity 24/7 (7×24 hours).
When it comes to USDtb, most people may not be that familiar with it.
In Ethena’s lineup, USDe is more focused on DeFi capital efficiency, while USDtb is backed by U.S. Treasury bills and places more emphasis on compliance, stability, and acceptability for institutions.
Maple’s recognition and usage of it is undoubtedly another major milestone for Ethena’s business. For anyone holding USDe or USDtb, you should know that a lending project operating with tens of billions of dollars has also endorsed them.
$ENA
A = Asset = Net household assets = real estate + equity + wealth management products - liabilities
C = Cash = cash you can withdraw anytime + highly liquid demand-deposit wealth management products
Someone with an A9 net worth might still live a tight, cramped life. But someone with a C9, regardless of the scale, is truly financially free in the real sense.
I’m using this example to show that there are differences between assets and assets.
Some assets look like the numbers are huge, but when you really need to use them, they take a long time to liquidate, come with big discounts, and you might even have to do a forced fire-sale at a “bone-breaking” loss. Some others, however, can be converted to cash instantly—making them the strongest reserve to handle unforeseen needs.
In the financial system, assets that can be used at any time and almost don’t lose value are usually put into a dedicated pool called a “Liquidity Buffer.”
Traditional finance has extremely strict requirements for this. According to the Basel Accord, only cash, central bank reserves, U.S. Treasury bills—things like those—can count as a bank’s liquidity buffer.
In the crypto world, top-tier projects are actually using the same logic. The assets that can serve as a liquidity buffer must be the most reliable, readily liquidatable assets—such as USDT and USDC.
Recently, top lending platform Maple Finance did something that very clearly illustrates this.
Maple has officially added Ethena’s USDtb into this buffer pool as one of its core holdings. It also became the first partner to use Ethena Whitelabel Liquidity, gaining high-quality, on-chain stablecoin liquidity 24/7 (7×24 hours).
When it comes to USDtb, most people may not be that familiar with it.
In Ethena’s lineup, USDe is more focused on DeFi capital efficiency, while USDtb is backed by U.S. Treasury bills and places more emphasis on compliance, stability, and acceptability for institutions.
Maple’s recognition and usage of it is undoubtedly another major milestone for Ethena’s business. For anyone holding USDe or USDtb, you should know that a lending project operating with tens of billions of dollars has also endorsed them.
$ENA
