Anchorage's Regulated Stablecoin Rewards Model Redefines Institutional DeFi

Anchorage Digital Bank has launched a rewards program for holders of USDtb and USDe, marking a significant step in expanding institutional-grade stablecoin offerings under federal oversight. The initiative, detailed in a press release and official announcements, allows clients to mint, redeem, and collect rewards for holding these tokens, with USDtb being the first federally regulated stablecoin in the United States.

USDtb is backed by short-duration U.S. Treasury assets, including BlackRock's tokenized money market fund, and is designed to meet stringent regulatory and security standards. USDe, a synthetic dollar created by Ethena Labs, maintains its peg through a delta-neutral model, pairing crypto asset holdings with offsetting perpetual futures positions. Rewards for both tokens are distributed via Anchorage Digital Neo, Ltd., a separate entity established to ensure compliance with the GENIUS Act, which prohibits yield-bearing stablecoins. This structure allows institutions to earn rewards without staking or locking up assets, enhancing capital efficiency while adhering to regulatory frameworks.

The program's benefits include streamlined access to USDtb, yield-style rewards on idle holdings, and the ability to use both tokens as collateral for capital-efficient strategies on Anchorage's platform as detailed in official materials. Nathan McCauley, CEO of Anchorage Digital, emphasized the initiative's role in accelerating adoption of "safe and trusted stablecoins at global scale". Ethena Labs founder Guy Young called the integration a "major milestone for USDtb adoption", highlighting the combination of rewards and regulatory integrity as a model for future digital assets.

Clients can access USDtb via direct minting and redemption on Anchorage's platform or through its trading desk, while USDe is available via conversions from USD, stablecoins, or other digital assets according to official sources. The move aligns with broader trends in institutional DeFi, where custodians and infrastructure providers are increasingly offering controlled access to staking and yield-generating services.

The expansion underscores Anchorage Digital's role in bridging traditional finance and crypto ecosystems. By offering custody, issuance, settlement, and rewards under federal oversight, the bank aims to establish a unified infrastructure for stablecoin innovation. The program also follows recent partnerships, such as U.S. Bancorp's pilot of custom stablecoin issuance on the Stellar blockchain, reflecting growing institutional interest in regulated digital assets.