Ethena Anchorage Launch First GENIUS-Compliant $1.5B Stablecoin USDtb

Ethena Labs has partnered with Anchorage Digital, a federally regulated crypto bank, to launch USDtb as the first stablecoin compliant with the U.S. GENIUS Act, a landmark regulatory framework signed into law on July 18, 2025. The collaboration marks USDtb’s transition from offshore issuance to onshore operations under federal oversight, leveraging Anchorage Digital’s platform to ensure compliance with the Act’s requirements, which mandate stablecoin reserves be fully backed by U.S. Treasuries or cash equivalents. The move addresses longstanding concerns about transparency in the stablecoin market, particularly following past collapses like the Terra UST crisis [2].

USDtb, one of Ethena’s two stablecoins (the other being USDe), is currently a $1.5 billion token issued offshore, with over $1.1 billion in reserves tied to BlackRock’s tokenized BUIDL fund. Anchorage Digital will now serve as the U.S. issuer of USDtb, enabling institutions to distribute the stablecoin domestically while adhering to federal audits and compliance protocols. Nathan McCauley, CEO of Anchorage Digital, emphasized that the GENIUS Act provides “regulatory clarity” for institutions to engage in the stablecoin ecosystem, while Ethena CEO Guy Young highlighted that compliance will drive broader adoption across platforms and products [3].

The partnership aligns with broader efforts to standardize stablecoin operations in the U.S. after years of fragmented state-level regulations. The GENIUS Act, which requires stablecoins to be fully collateralized and subject to federal oversight, establishes a precedent for regulatory approval. By meeting these criteria, USDtb positions itself as a competitive alternative to Tether and USD Coin, which have faced scrutiny over reserve practices. Ethena’s move also underscores the growing trend of crypto firms aligning with traditional financial infrastructure to meet regulatory expectations. Anchorage Digital’s role as the first federally chartered crypto bank enables it to bridge emerging digital assets with established financial systems, reinforcing investor confidence through its turnkey issuance solution [4].

Ethena’s USDtb has been in circulation offshore since its launch but now aims to expand its market reach in the U.S. The stablecoin’s onshore transition leverages Anchorage Digital’s federal banking license to navigate regulatory complexities while maintaining operational efficiency. This model could influence future stablecoin projects, as compliance with the GENIUS Act may become a de facto standard for U.S. market access. The collaboration reflects an evolving relationship between crypto innovators and regulators, demonstrating how stablecoin issuers can scale while adhering to federal requirements [7].

Sources:

[1] [Ethena Taps Anchorage to Issue $1.5B USDtb Stablecoin](https://www.coindesk.com/business/2025/07/24/ethena-taps-anchorage-to-issue-usd1-5b-usdtb-stablecoin-in-u-s-under-genius-act)

[2] [Anchorage Digital to issue first GENIUS-compliant](https://www.theblock.co/post/364119/anchorage-digital-genius-stablecoin-ethena?utm_medium=rss&utm_source=companies.xml)

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

[4] [Anchorage Digital Partners with Ethena Labs to Launch the](https://financialpost.com/pmn/business-wire-news-releases-pmn/anchorage-digital-partners-with-ethena-labs-to-launch-the-first-genius-compliant-federally-regulated-stablecoin)

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

[6] [Anchorage Digital launches stablecoin platform with](https://www.cryptopolitan.com/anchorage-launches-stablecoin-platform/)

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