Anchorage Digital, Ethena Launch First U.S. GENIUS Act Compliant Stablecoin USDtb

Anchorage Digital and Ethena Labs have launched USDtb, the first stablecoin compliant with the U.S. GENIUS Act, marking a significant milestone in the regulated digital asset landscape. The stablecoin, issued through Anchorage Digital Bank, adheres to the requirements of the newly enacted legislation, which mandates 1:1 reserve backing, independent audits, and licensing for fiat-backed stablecoins. This development positions USDtb as a fully regulated institutional-grade digital dollar, offering a standardized framework for U.S. financial institutions and fintechs to engage with stablecoins [1][2][3].

The GENIUS Act, signed into law on July 18, 2025, resolves years of regulatory uncertainty by establishing a federal framework for stablecoin issuance. It requires issuers to maintain audited reserves, secure licenses, and ensure transparency, addressing concerns raised by the SEC and CFTC over previous market fragmentation. USDtb’s launch reflects the act’s immediate impact, with Anchorage and Ethena leveraging their partnership to introduce a product designed for institutional adoption [4][5].

Anchorage Digital, a U.S.-government-approved crypto bank, collaborates with Ethena Labs, a firm known for innovative stablecoins like $USDe and $USDtb. The partnership aims to create a stablecoin grounded in best regulatory practices. USDtb’s U.S. launch follows its initial offshore issuance, with Anchorage Digital Bank facilitating compliance-driven operations. The platform allows institutions to manage digital dollars while adhering to U.S. legal standards, emphasizing programmable stablecoins as tools for modern finance [6][7].

Nathan McCauley, CEO of Anchorage Digital, highlighted the GENIUS Act’s role in expanding stablecoin accessibility to the banking sector. He emphasized that USDtb’s collaboration with a federally licensed crypto bank provides a robust foundation for growth, aligning with the increasing demand for stablecoins pegged to compliant systems [8]. Similarly, Guy Young, CEO of Ethena Labs, noted high demand for USDtb, with GENIUS compliance expected to broaden its appeal to companies and users.

The launch has already triggered a $4 billion surge in stablecoin supply, according to Cointribune, following the GENIUS Act’s passage. This growth is driven by new entrants and existing players capitalizing on regulatory clarity. For example, USDtb’s offshore issuance prior to the act’s enactment has now transitioned to U.S. operations, solidifying Anchorage’s role as a federally chartered crypto bank. Ethena’s collaboration further emphasizes the shift toward institutional-grade compliance, with the stablecoin designed to support use cases such as dividend-paying tokenized assets [9][10].

Market dynamics underscore the dominance of fiat-backed stablecoins, which account for 85% of the sector. USDtb joins USDT and USDC as part of this category, differing from algorithmic models like Terra’s UST, which collapsed amid regulatory scrutiny. The GENIUS Act’s focus on reserve-backed tokens aims to mitigate such risks by enforcing strict compliance standards. Analysts note that USDtb’s institutional-grade approach could accelerate adoption in traditional financial systems, particularly as central banks and policymakers seek integrated solutions [11][12].

While the market reacts positively, challenges remain. The Cointribune report highlights tensions between fiat-backed stablecoins and central bank priorities in markets like South Korea, where regulatory debates persist. However, in the U.S., bipartisan support for the GENIUS Act signals a unified approach to fostering innovation while prioritizing consumer protection [13].

Experts view the Anchorage-Ethena collaboration as a pivotal step toward digital finance in America. By adhering to regulatory frameworks, USDtb enables financial institutions to explore new digital tools without legal ambiguity. The stablecoin’s programmable features and compliance-driven design align with broader industry shifts, as major players like JPMorgan and WisdomTree (with USDW) enter the regulated stablecoin space. This trend underscores the growing legitimacy of stablecoins in cross-border payments, tokenized assets, and institutional finance [14][15].

The launch of USDtb positions the U.S. as a leader in the evolution of digital currencies. By establishing a regulated, transparent model, Anchorage and Ethena aim to set a precedent for future stablecoin development. Their efforts could reinforce the U.S.’s competitive edge in a rapidly transforming financial landscape, where compliance and innovation coexist to drive adoption [16].

Source:

[1] [Anchorage Digital Joins Forces with Ethena to Unveil First GENIUS-Compliant USDTB](https://www.cryptoninjas.net/news/anchorage-digital-joins-forces-with-ethena-to-unveil-first-genius-compliant-usdtb-in-the-u-s/)

[2] [Anchorage Digital and Ethena Unveil First U.S. GENIUS-Act-Compliant Stablecoin](https://www.ainvest.com/news/anchorage-digital-ethena-unveil-genius-act-compliant-stablecoin-usdtb-2507/)

[3] [Stablecoin Supply Rises By $4B Amid New US Legislation](https://www.cointribune.com/en/stablecoin-supply-surges-2025-genius-act/)

[4] [Anchorage Digital Partners with Ethena Labs to Launch the First GENIUS-Compliant Stablecoin](https://www.studiomagenta.co.th/2025/07/26/anchorage-digital-partners-with-ethena-labs-to-launch-the-first-genius-compliant-federally-regulated-stablecoin/)

[5] [Stablecoin Market Adds $5B: Surge Led By USDS and USDe](https://www.cointribune.com/en/stablecoin-market-surges-usds-usde-growth/)

[6] [Anchorage Digital - X](https://x.com/Anchorage/status/19491185****1649701)

[7] [Ethena Surges 2.393% as USDtb Stablecoin Launches](https://www.ainvest.com/news/ethena-surges-2-393-usdtb-stablecoin-launches-genius-act-2507/)

[8] [Uncovering Ethena's Growth Secrets and Market Insights](https://www.panewslab.com/en/articles/1emlkaws)

[9] [Stablecoin Supply Rises By $4B Amid New US Legislation](https://www.cointribune.com/en/stablecoin-supply-surges-2025-genius-act/)

[10] [Stablecoin Push Triggers Tensions Between Central Bank and Policymakers in South Korea](https://blockchainreporter.net/stablecoin-push-triggers-tensions-between-central-bank-and-policymakers-in-south-korea/)

[11] [Stablecoin Market Adds $5B: Surge Led By USDS and USDe](https://www.cointribune.com/en/stablecoin-market-surges-usds-usde-growth/)

[12] [Anchorage and Ethena Launch First GENIUS-Compliant Stablecoin in the U.S.](https://www.livebitcoinnews.com/anchorage-and-ethena-launch-first-genius-compliant-stablecoin-in-the-u-s/)

[13] [PHOENIX - Crypto News & Analytics](https://x.com/pnxgrp/status/19495154****1450591)

[14] [Anchorage Digital - X](https://x.com/Anchorage/status/19491185****1649701)

[15] [Stablecoin Market Adds $5B: Surge Led By USDS and USDe](https://www.cointribune.com/en/stablecoin-market-surges-usds-usde-growth/)

[16] [Anchorage and Ethena Launch First GENIUS-Compliant Stablecoin in the U.S.](https://www.livebitcoinnews.com/anchorage-and-ethena-launch-first-genius-compliant-stablecoin-in-the-u-s/)