Anchorage Digital and Ethena Labs Launch First GENIUS Act-Compliant Stablecoin USDtb

Anchorage Digital, the first U.S. crypto bank granted a federal charter, has partnered with Ethena Labs to launch USDtb, a stablecoin aligned with the requirements of the GENIUS Act of 2025. The stablecoin, designed to maintain a $1 peg through backing by BlackRock’s BUIDL fund and crypto assets, becomes the first token to meet the regulatory standards established by the law [1]. Anchorage Digital Bank will facilitate the onshore issuance and redemption of USDtb, leveraging its federally regulated platform to ensure compliance with transparency and reserve mandates [2]. This move positions USDtb as a regulated alternative to existing stablecoins, which often operate without such oversight.

The GENIUS Act, signed into law by President Donald Trump, mandates strict reserve requirements, reporting standards, and operational safeguards for stablecoin issuers. By anchoring USDtb to U.S. dollars with transparent reserves, the token addresses concerns over liquidity risks and systemic instability [1]. Nathan McCauley, CEO of Anchorage Digital, emphasized that the act’s framework provides institutions with the clarity needed to engage in the stablecoin market. He noted the partnership with Ethena Labs strengthens trust through institutional-grade infrastructure [1]. Guy Young, CEO of Ethena Labs, highlighted the growing demand for USDtb, predicting that federal oversight will drive adoption across platforms and products. “This partnership unlocks new use cases and trust in the digital dollar,” Young stated [3].

Market reactions to the launch were immediate. Ethena’s ENA token surged 5% following the announcement, reflecting investor confidence in the project’s regulatory alignment [5]. USDtb had already accumulated $1.45 billion in Total Value Locked (TVL) since its offshore launch in December 2024 [1]. The onshore transition, facilitated by Anchorage Digital’s $3 billion in assets under management, underscores institutional validation of the GENIUS Act’s potential to standardize stablecoin operations [6]. Analysts view the act as a pivotal moment for U.S. crypto regulation, balancing risk mitigation with innovation [4].

The partnership also signals a strategic shift in the stablecoin landscape. Anchorage Digital joins established players like Circle and Tether, but distinguishes itself through compliance with the GENIUS Act’s rigorous standards. Major banks, including JPMorgan and Citibank, are exploring stablecoins for global payments, intensifying competition [7]. By serving as a regulated issuer, Anchorage Digital reinforces its role as a bridge between traditional finance and crypto infrastructure.

Critics note challenges ahead, including continuous reserve audits and real-time reporting as mandated by the act [4]. However, the move sets a precedent for other stablecoin issuers to seek partnerships with federally regulated entities. A blockchain analyst cited by RootData emphasized that compliance is now a competitive necessity, urging firms to adapt or risk marginalization [8].

The launch of USDtb marks a significant step in the evolution of digital dollars. By aligning with the GENIUS Act’s framework, Anchorage Digital and Ethena Labs demonstrate how innovation and regulation can coexist, potentially reshaping the stablecoin market. The success of USDtb could influence future policy debates and market dynamics, cementing the role of compliance-driven tokens in the U.S. financial ecosystem.

Sources:

[1] [Anchorage Digital and Ethena Labs team up to launch first GENIUS-approved stablecoin](https://cryptobriefing.com/genius-compliant-stablecoin-usdtb-launch/)

[2] [Anchorage Digital Ethena Labs Launch First GENIUS-Compliant Stablecoin](https://www.ainvest.com/news/anchorage-digital-ethena-labs-launch-genius-compliant-stablecoin-2507/)

[3] [Ethena Partners $3 Billion Anchorage To Launch First GENIUS Act-Compliant Stablecoin](https://coingape.com/ethena-partners-3-billion-anchorage-to-launch-first-genius-act-compliant-stablecoin/)

[4] [Regulated stablecoins: changes in US finance](https://en.cryptonomist.ch/2025/07/24/regulated-stablecoins-anchorage-digital-and-ethena-change-us-finance/)

[5] [Ethena jumps following partnership with Anchorage to launch USDtb](https://www.fxstreet.com/cryptocurrencies/news/ethena-jumps-following-partnership-with-anchorage-to-launch-usdtb-stablecoin-under-genius-framework-202507241707)

[6] [Anchorage Digital Bank Partners with Ethena to Issue USDtb](https://coincentral.com/anchorage-digital-bank-partners-with-ethena-to-issue-usdtb-onshore/)

[7] [Anchorage Digital to issue first GENIUS-compliant stablecoin](https://www.rootdata.com/news/141337)

[8] [A new beginning for stablecoins in the U.S.](https://www.linkedin.com-posts/emanuele-rossi-141b84105_a-new-beginning-for-stablecoins-in-the-us-activity-7354135****80330752-GxCj)