DeFi Meets Regulation as USDtb Launches Under Federal Oversight
Anchorage Digital Bank has launched USDtb, the first federally regulated stablecoin in the United States, marking a significant step in aligning digital dollar innovation with federal oversight. The stablecoin, previously issued offshore by Ethena Labs, now operates under the Office of the Comptroller of the Currency (OCC) through Anchorage Digital Bank, which acquired the necessary infrastructure via its 2024 acquisition of Mountain Protocol[1]. This transition, finalized in July 2025, positions USDtb as a Treasury-backed alternative to existing stablecoins like USDTUSDT-- and USDC[2].
The launch of USDtb comes under the framework of the GENIUS Act, a federal law passed in June 2025 to regulate stablecoin issuance[2]. The act mandates that stablecoins maintain full 1:1 reserve backing, adhere to transparent auditing standards, and operate under a clear redemption process[2]. Anchorage Digital Bank, the first and only federally chartered crypto bank in the U.S., now holds USDtb's reserves, primarily invested in BlackRock's tokenized U.S. Treasury fund (BUIDL), making it one of the largest holders of these tokens[1].
This onshoring effort represents a strategic pivot for Ethena Labs, which initially launched USDtb in December 2024 as a DeFi-native stablecoin backed by delta-neutral positions and Treasury yield exposure[2]. By transitioning to a federally regulated model, USDtb now joins the ranks of "covered stablecoins," a category of digital assets issued by banks and subject to stricter compliance requirements[2]. Nathan McCauley, CEO of Anchorage Digital, emphasized that the move "ensures stablecoins are built on infrastructure that's secure, compliant, and built to last"[1].
The transition also underscores growing regulatory confidence in bridging decentralized finance (DeFi) with traditional financial systems. Guy Young of Ethena Labs noted that the shift "demonstrates that innovation and regulation can advance together"[1]. USDtb's reserves are now custodied by U.S. Bank, with operations governed by Anchorage's OCC-regulated framework[2]. This structure differentiates USDtb from offshore stablecoins like Tether's USDT, which lack U.S. regulatory clarity[2].
The move is part of broader efforts to standardize stablecoin regulation in the U.S., where oversight remains fragmented across agencies like the SEC, CFTC, and state regulators[3]. The GENIUS Act aims to consolidate this oversight, granting the Federal Reserve authority to supervise stablecoin providers and requiring 100% reserve backing[2]. USDtb's compliance with these rules positions it as a potential challenger to USDCUSDC-- in institutional markets, offering a transparent, Treasury-backed alternative[2].
Anchorage's dominance in this space is further solidified by its turnkey stablecoin issuance platform, which allows institutions to launch compliant digital dollars. The platform's scalability and regulatory alignment are critical as the U.S. stablecoin market grows, with USDtb already commanding a $1.4 billion market cap.
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