Ethena and Anchorage comply with the GENIUS Act, bringing USDtb onshore to meet regulatory requirements
Ethena and Anchorage Digital Partner to Launch Compliant USDtb Stablecoin
In a groundbreaking move, Ethena Labs and Anchorage Digital have announced a partnership to issue the USDtb stablecoin under the newly enacted GENIUS Act, marking the first launch of a fully GENIUS Act-compliant stablecoin in the U.S. [1][2][3]
This partnership signifies a significant step towards aligning cryptocurrency issuance with a clear federal regulatory framework, a move that is crucial to meet the growing demand for USDtb. [2][3]
Regulatory Compliance and Clarity
The GENIUS Act, recently signed into law, establishes a federal framework for stablecoin regulation, including Federal Reserve oversight and strict reserve asset and compliance requirements for issuers. Through Anchorage Digital’s federally chartered crypto bank, Ethena can now issue USDtb onshore in the U.S. market in full compliance with this framework. [2][3]
Strengthened Investor Confidence and Market Position
By moving from offshore issuance (British Virgin Islands) to Anchorage’s regulated platform, USDtb gains a stronger foothold and trust within the U.S. stablecoin ecosystem. This transition is expected to foster greater partner and user confidence and expand USDtb’s use across diverse financial products and platforms. [1][3]
Pioneering Regulatory Pathway and Infrastructure
Anchorage Digital is the only federally chartered crypto bank in the U.S., giving it a unique advantage to issue stablecoins under the GENIUS Act’s rules. Their new stablecoin issuance platform is designed to streamline compliant digital dollar launches, potentially serving as a model for other institutions. [1][2][3]
Stablecoin Market Impact
USDtb's current supply is $1.45 billion on Ethereum, backed mainly by traditional assets including a $1.1 billion tokenized fund from BlackRock and USDC reserves, maintaining stable backing exceeding its supply. USDtb focuses on payment use cases, contrasting with Ethena’s larger derivatives-based token USDe. The partnership and GENIUS Act compliance may reshape the U.S. stablecoin market by encouraging more regulated, secure, and transparent stablecoin products. [3][1]
Market Response
Ethena’s native token ENA surged 18% intraday and has gained 70% in the month leading up to the announcement, reflecting positive market sentiment around this regulatory milestone. [1]
In essence, this partnership and the GENIUS Act compliance symbolize a new regulatory era for U.S. stablecoins, potentially setting a standard for onshore issuance, enhancing security, investor trust, and wider adoption of compliant stablecoins like USDtb in the U.S. financial ecosystem. [1][2][3][4]
[1] CoinDesk [2] The Block [3] Decrypt [4] Forbes
- This partnership between Ethena Labs and Anchorage Digital, aiming to issue the USDtb stablecoin under the GENIUS Act, showcases the merge of finance, technology, and business, as it aligns cryptocurrency issuance with a clear federal regulatory framework.
- The move to launch a compliant stablecoin like USDtb, under the new federal framework for stablecoin regulation, positions technology businesses like Anchorage Digital at the forefront of business innovation, while redefining the role of finance within the stablecoin market.
