Anchorage and Ethena Launch GENIUS-Compliant USDtb as First U.S. Onshore Stablecoin

Anchorage Digital and Ethena Labs have introduced USDtb, a stablecoin compliant with the U.S. Treasury’s proposed GENIUS (Gaming, Enforcement, and New Uses of Stablecoins) Act framework, marking the first onshore issuance of the token in the United States. The collaboration between Anchorage, a federally chartered crypto bank, and Ethena, a developer of synthetic dollar protocols, underscores a pivotal regulatory development in the digital asset sector. The USDtb launch aligns with efforts to establish a clearer legal framework for stablecoins, which have faced scrutiny over transparency and systemic risks[1].

The stablecoin’s compliance with the GENIUS Act—a regulatory framework proposed in the 2024-2025 federal budget—positions it to address concerns around stablecoin governance and risk management. This move is expected to differentiate USDtb from existing major stablecoins such as USDC and USDT, which operate under less defined regulatory structures. Analysts suggest the USDtb’s adherence to GENIUS could attract institutional investors seeking compliance-driven alternatives, potentially reshaping liquidity dynamics in the market. For instance, historical precedents like Circle’s USDC navigating regulatory updates have demonstrated how compliance can influence market share shifts, fostering stability and investor trust[1].

Nathan McCauley, CEO of Anchorage Digital, emphasized the partnership’s significance, stating, “This strategic partnership marks a pivotal moment for the regulatory landscape of digital assets in the U.S.” The collaboration leverages Anchorage’s banking infrastructure and Ethena’s expertise in synthetic protocols to create a stablecoin that bridges the gap between innovation and regulatory expectations. USDtb’s design, which includes fully collateralized reserves and real-time transparency features, aims to mitigate risks associated with traditional stablecoins, such as reserve opacity and operational vulnerabilities[1].

Market analysts anticipate indirect effects on broader crypto markets. Liquidity realignments driven by USDtb’s introduction could impact decentralized finance (DeFi) protocols, where stablecoins like USDC and USDT currently dominate. Assets such as ETH and BTC may experience ripple effects as USDtb competes for market share in liquidity pools. The potential for new collateral options in DeFi platforms is also highlighted, with historical trends suggesting that compliance-focused stablecoins can accelerate adoption by broadening institutional participation[1].

The launch represents a strategic shift for Ethena Labs, which previously operated USDtb in offshore markets. By anchoring the token to U.S. regulatory standards, the firm aims to address uncertainties that have hindered stablecoin growth. This move aligns with broader industry trends, as regulators and market participants increasingly prioritize frameworks that balance innovation with financial stability. The GENIUS-compliant model could serve as a blueprint for future stablecoin projects, setting a precedent for regulatory alignment in the sector[1].

Source: [1] [Anchorage and Ethena Launch GENIUS-Compliant USDtb Stablecoin] [https://coinmarketcap.com/community/articles/68823fde82fa5c0266a0b919/]