USDB is the native yield-bearing stablecoin on Blast, an Ethereum layer-2 network launched in 2024 by Tieshun Roquerre (Pacman), the founder of Blur. Unlike conventional dollar tokens, USDB rebases upward in user wallets, distributing yield sourced from short-dated US Treasury bills and the MakerDAO DAI Savings Rate. The broader stablecoin market totals $310.9B as of September 2026 per DeFiLlama, and yield-bearing designs like USDB now compete with non-yielding incumbents USDT ($183.3B) and USDC ($74.4B) for institutional and DeFi mint access.
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"USDB" is a collision ticker used by three unrelated projects. This article covers Blast's yield-native USDB, described above. A second, entirely different USDB is issued directly by Bridge, the Stripe-owned stablecoin infrastructure company, as a fee-rebate dollar for developers, covered in Eco's Bridge Stablecoin Stack: From USDB to MGUSD. A third USDB, from Brale, is a Bitcoin-native regulated dollar stablecoin, per Brale's USDB product page. None of the three share an issuer, chain, or backing model; matching the wrong USDB to the wrong chain is the single most common mistake readers make with this ticker.
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This article explains how Blast's USDB is minted, redeemed, and bridged, how it differs from the deprecated Coinbase USDbC token (which sounds similar but is unrelated), and where it sits in the wider yield-bearing stablecoin category alongside Ethena USDe and Ondo USDY.
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USDB is the auto-rebasing dollar token issued natively on Blast L2, an Ethereum optimistic rollup. It pays holders roughly 5% on stablecoin deposits and roughly 4% on ETH deposits by default, according to Blast's own documentation, versus the 0% baseline most other L2s offer.
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Users deposit ETH, USDC, USDT, or DAI into the Blast bridge on Ethereum mainnet, and receive USDB on Blast at a one-to-one dollar peg. The token then accrues yield directly in the holder's wallet balance, with no separate staking step required. Smart contracts can opt out of the automatic rebasing if they need standard ERC-20 balance behavior, per the same Blast documentation.
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USDB and USDbC are different assets from different issuers. USDB is Blast's native yield-bearing stablecoin on Blast L2, backed by T-bills and DAI Savings Rate exposure. USDbC was a bridged USDC variant Coinbase issued on its Base L2 during Base's mainnet launch, with no yield component, and Coinbase has since deprecated it in favor of native USDC.
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The confusion is mostly typographical. USDbC was the bridged USDC token on Base, used by early Base users to hold a dollar-pegged asset before Circle issued native USDC on Base. Coinbase announced the wind-down of USDbC liquidity routes in its USDbC deprecation notice. USDB is unrelated to that token, lives on a different chain, and carries a different risk and yield profile.
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USDB yield comes from two offchain sources funneled onchain: a MakerDAO DAI Savings Rate allocation backed by tokenized Treasury bills, and Lido-routed ETH staking rewards. Yield accrues continuously and shows up as a rising USDB balance in each holder's wallet, with no manual claim step.
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Stablecoins deposited into the Blast bridge are converted into DAI and deposited into the DAI Savings Rate contract, which pays out interest funded by MakerDAO's allocation to tokenized Treasury bill products. The DAI Savings Rate itself is set by MakerDAO governance and tracks short-dated T-bill yields plus a buffer; MakerDAO documents the rate parameters and reserve composition at the MakerDAO site. Blast adds no incremental credit risk beyond the DSR's underlying collateral, but it does add bridge contract risk and a custodial layer between depositor and DSR position. Mint access for USDB is restricted to the canonical Blast bridge; there is no third-party primary issuance route for Blast's USDB (Bridge's and Brale's separate USDB tokens each have their own issuance paths, described above).
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Minting USDB happens by depositing USDC, USDT, DAI, or ETH into the Blast bridge on Ethereum mainnet, which mints an equivalent USDB balance on Blast L2 at par. Redemption reverses the flow through the same bridge, subject to the standard optimistic-rollup withdrawal challenge window before assets settle back to mainnet.
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The bridge is the only canonical issuance path, which is the defining feature of Blast's "yield-native" design. Because the bridge holds all underlying collateral and rotates it into the DSR, every USDB in circulation has a direct claim on a known reserve. The full technical flow, including the yield distribution contracts, is described in the Blast documentation. Settlement to mainnet uses the standard Blast L2 fraud-proof exit, with finality dependent on the withdrawal period. Secondary market access is through DEXes on Blast and bridged representations on other chains, but only mainnet redemption through the canonical bridge clears at par.
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USDB sits in the yield-bearing stablecoin tier, a small but growing slice of the $310.9B stablecoin market as of September 2026. The two largest tokens, USDT and USDC, do not pass yield to holders, while yield-bearing designs from Ethena, Ondo, and Sky compete on source of yield and on distribution.
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The comparison below uses DeFiLlama supply figures as of September 2026. USDB's supply is reported within Blast TVL rather than as a standalone DeFiLlama stablecoin entry, which is one reason institutional analysts often miss it in headline comparisons.

A reminder on naming: the "USDB" row above is Blast's token only. Bridge's USDB and Brale's USDB are separate assets, on separate chains, with separate backing, and neither appears in this table.
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USDB's risk profile is the sum of three layers: the underlying T-bill and DSR collateral, the MakerDAO governance and DAI peg, and the Blast bridge contract that custodies the reserve. None of these layers is unique to USDB, but the combination concentrates risk in a single bridge contract that holds all backing assets.
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The Blast bridge is a multisig-controlled contract during the network's early phases, with a stated path toward progressive decentralization per Blast's documentation. Secondary risks include MakerDAO governance changes to the DSR, peg deviation in DAI, and L2 fraud-proof execution under contested withdrawals. USDB has not failed peg materially since launch, but its operating history and the bridge's upgradeability mean institutional treasury teams generally classify it differently from native USDC or USDT.
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USDB functions as Blast's default settlement asset: the primary quote currency on Blast DEXes, the primary collateral on Blast lending markets, and the settlement token for most Blast-native NFT and perp venues. Because yield accrues automatically, idle USDB still earns a baseline return.
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This rebasing behavior interacts with DeFi composability in non-obvious ways. Some lending markets pass through the rebase to depositors, while others socialize it across the pool. Liquidity pools that pair USDB with another asset must account for impermanent-loss math against a balance that grows. Builders integrating USDB should consult the rebase mechanics in the Blast documentation before assuming standard ERC-20 semantics. For traders, USDB functions like cash-plus-T-bill, useful for parking inventory between RFQ fills or between secondary market trades.
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USDB is one of several signals that the stablecoin market is stratifying between non-yielding payment tokens and tokens that pay holders directly. Non-yielding dollars still dominate supply, but issuance is shifting toward yield-passing designs, whether through Treasuries (Ondo USDY at $2.2B), derivatives strategies (Ethena USDe at $4.9B), or savings-rate routing (Blast's USDB, Sky USDS at $6.6B), per DeFiLlama.
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The structural question is whether yield-bearing designs displace non-yielding ones or coexist with them in different lanes. Regulatory treatment matters here: the GENIUS Act, S.1582, restricts yield-passing structures for payment stablecoins issued in the US, which is one reason Bridge frames its own separate USDB as a developer fee-rebate rather than a consumer savings product, per Eco's Bridge Stablecoin Stack coverage. Either way, the orchestration problem grows: an institution holding inventory across USDC, USDT, USDe, USDY, and Blast's USDB needs a neutral way to clear between them. Eco operates as a neutral aggregator across primary mint access and onchain liquidity, which is the layer where this fragmentation gets resolved.
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Methodology: stablecoin supply figures are pulled from DeFiLlama as of September 2026. Mechanism descriptions reference Blast and MakerDAO documentation as cited inline.
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