Anchorage and Ethena Launch First GENIUS-Act Stablecoin, USDtb Surges 1163% in Trading Volume

Anchorage Digital, a federally chartered crypto bank, and Ethena Labs have launched USDtb, a stablecoin compliant with the U.S. GENIUS Act, marking a pivotal development in the regulatory landscape for digital assets. This initiative, the first stablecoin aligned with the Act signed into law by President Donald Trump in July 2025, enables onshore issuance of USDtb through Anchorage’s institutional platform. The stablecoin is backed by a mix of U.S. dollars and crypto assets, adhering to the Act’s transparency and reserve management requirements [1]. The move positions Anchorage as a leading stablecoin issuer in the U.S. institutional market, while Ethena’s USDtb has seen a 1163% surge in trading volume in a single day, despite minor price fluctuations, according to CoinMarketCap data [2].

The collaboration addresses longstanding regulatory uncertainties in the stablecoin sector, offering institutions access to digital dollars with clear compliance frameworks. Nathan McCauley, CEO of Anchorage Digital, emphasized the GENIUS Act’s role in establishing “a clear regulatory path” for programmable digital assets, enabling robust infrastructure and institutional adoption [3]. The Act’s provisions, which mandate onshore reserves and regular audits, distinguish USDtb from predecessors like USDC and USDT, which faced scrutiny for offshore operations. Analysts note that USDtb’s onshore structure could set a precedent for future stablecoin innovation, fostering trust in the sector [4].

Market reactions highlight the growing acceptance of regulated digital assets. Ethena’s native token, ENA, experienced a price increase following the launch, reflecting investor optimism about the partnership’s potential. The collaboration also aligns with broader industry trends, as traditional financial players such as PNC Bank and Western Union explore digital asset integrations post-GENIUS Act. Devin McGranahan, CEO of Western Union, has acknowledged stablecoins as a complementary tool for cross-border payments, signaling a shift in how legacy institutions view crypto competition [5].

The launch underscores the strategic importance of compliance in scaling stablecoin usage. Ethena’s decision to partner with Anchorage reflects a deliberate pivot toward U.S. regulatory standards, ensuring alignment with federal guidelines while expanding market reach. This approach contrasts with earlier stablecoins that operated in regulatory gray areas. Teresa Cameron, a payments industry executive, highlighted the GENIUS framework’s ability to facilitate real-time settlements and 24/7 availability, advantages over traditional systems like SWIFT [6].

USDtb’s $1.5 billion allocation underscores institutional confidence in digital dollars. The stablecoin’s market cap of $146 million as of July 25, 2025, further illustrates its rapid adoption. However, its success will depend on maintaining compliance amid evolving regulations. The GENIUS Act aims to streamline this process by standardizing guidelines, reducing operational complexities for issuers. Analysts suggest that the ability to balance innovation with regulatory adherence will define the long-term viability of stablecoin projects in the U.S. [7].

Source:

[1] [Anchorage Digital announces stablecoin issuance platform] (https://cointelegraph.com/news/anchorage-digital-stablecoin-platform-genius-signing)

[2] [Ethena and Anchorage Collaborate to Make USDtb a U.S.-Compliant Payment Stablecoin] (https://crypto-economy.com/ethena-and-anchorage-collaborate-to-make-usdtb-a-u-s-compliant-payment-stablecoin/)

[3] [Anchorage Digital and Ethena Collaborate to Launch First GENIUS-Compliant Stablecoin] (https://www.ainvest.com/news/anchorage-digital-ethena-labs-launch-genius-act-compliant-stablecoin-usdtb-2507/)

[4] [Ethena taps Anchorage to navigate GENIUS Act Compliance for USDtb Stablecoin] (https://cryptoslate.com/ethena-taps-anchorage-to-navigate-genius-act-compliance-for-usdtb-stablecoin/)

[5] [Anchorage Digital announces stablecoin issuance platform] (https://cointelegraph.com/news/anchorage-digital-stablecoin-platform-genius-signing)

[6] [Anchorage Digital announces stablecoin issuance platform] (https://cointelegraph.com/news/anchorage-digital-stablecoin-platform-genius-signing)

[7] [Ethena & Anchorage Digital Launch $1.5B USDtb] (https://www.btcc.com/en-US/square/decryptCO/686559)