Anchorage Ethena Launch First GENIUS-Compliant Stablecoin ENA Rises 5%

Anchorage Digital has launched the first stablecoin fully compliant with U.S. federal regulations under the GENIUS Act, a development that positions it as a pioneer in the regulated digital asset space. The stablecoin, USDtb, is a collaboration between Anchorage and Ethena, leveraging the crypto-native bank’s institutional-grade infrastructure to ensure adherence to the new legal framework. The token, backed by a mix of U.S. Treasury securities and cash, maintains a 1:1 peg to the U.S. dollar while meeting capital adequacy requirements outlined in the legislation [1]. This initiative aligns with a broader industry shift toward compliance, particularly as regulatory scrutiny intensifies for stablecoin projects.

The launch follows months of preparation, including a May 2025 collaboration between Anchorage and Ethena that laid the groundwork for a GENIUS-compliant stablecoin. Anchorage Digital, which holds over $3 billion in assets under custody, has positioned itself as a key player in digital asset banking, offering services such as custody, staking, and institutional lending. By entering the stablecoin issuance market, the bank expands its value proposition to institutional clients seeking diversified digital solutions. Ethena, in turn, gains access to a regulated infrastructure that complements its expertise in algorithmic stablecoin design and risk management [2].

The market has responded positively to the partnership. Ethena’s native token (ENA) rose 5% following the announcement, reflecting investor confidence in the project’s compliance-driven approach [4]. This reaction underscores the potential of USDtb to address prior regulatory uncertainties that have hindered stablecoin adoption. The token’s structure, which includes real-time monitoring and audit capabilities, differentiates it from other stablecoins that have faced scrutiny for opaque reserve practices. By anchoring USDtb to a diversified reserve of U.S. Treasury securities and cash, Anchorage and Ethena aim to foster trust in the token’s stability and transparency [3].

The rollout of USDtb marks a pivotal moment for the U.S. stablecoin market. The GENIUS Act, signed into law earlier this year, mandates that stablecoin issuers maintain full reserves and undergo regular audits by the Comptroller of the Currency. Anchorage’s compliance with these requirements sets a precedent for future projects, potentially reducing regulatory friction for similar ventures. The Comptroller of the Currency has emphasized that the framework will foster trust in stablecoin markets, and USDtb’s launch serves as a practical test case for this vision. Analysts note that the success of the token could encourage other banks to enter the stablecoin space, reshaping the competitive landscape [3].

For institutional investors, USDtb offers a compliant alternative to existing stablecoins that have faced legal challenges. The token’s structure aligns with the growing demand for programmable yield-bearing assets, a niche that has attracted interest from fintechs and asset managers. Meanwhile, regulators may view the project as a model for balancing innovation with consumer protection. However, challenges remain, including the need for ongoing reserve transparency and potential regulatory updates as the market evolves.

The collaboration between Anchorage and Ethena highlights the strategic alignment of regulatory expertise and technical innovation. Anchorage’s role as a federally chartered bank provides the necessary oversight for stablecoin operations, while Ethena’s experience in decentralized finance (DeFi) enhances the project’s scalability. The partnership also reflects the broader integration of traditional finance and decentralized ecosystems, a trend that could redefine the future of digital asset infrastructure.

The long-term success of USDtb will depend on adoption rates and macroeconomic conditions, but its launch has already set a benchmark for regulated stablecoin innovation. As the market monitors compliance with the GENIUS Act’s requirements, USDtb’s performance could influence policy discussions and encourage further entries into the space. For now, the project stands as a landmark development in the U.S. stablecoin market, illustrating the potential for regulated innovation in a sector historically marked by uncertainty [1].

Source: [1] [Anchorage Digital Rolls Out First Fully Compliant U.S. Stablecoin] [https://coindoo.com/anchorage-digital-rolls-out-first-fully-compliant-u-s-stablecoin/]

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

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