Ethena and Anchorage Launch First GENIUS-Compliant Onshore Stablecoin USDtb

Ethena, a synthetic dollar and stablecoin platform, has announced a strategic partnership with Anchorage Digital, the U.S.’s only federally chartered crypto bank, to transition its USDtb stablecoin into a fully regulated onshore product under the newly enacted GENIUS Act. This move positions USDtb as the first stablecoin to align with the U.S. Treasury’s regulatory framework, marking a significant step toward integrating crypto into traditional financial systems [1]. The collaboration leverages Anchorage’s federally regulated infrastructure, ensuring USDtb operates under the oversight of U.S. regulators, including the Federal Reserve. Previously issued offshore, USDtb will now be minted and managed entirely within the U.S., reflecting legislative efforts to standardize stablecoin operations and mitigate systemic risks [2].

The partnership underscores a broader industry shift toward regulatory compliance. Anchorage, with over $3 billion in assets under custody, will act as the issuer of USDtb, while Ethena will retain its role as the provider of the underlying assets. This structure addresses key regulatory concerns, including transparency in reserve backing and operational compliance [3]. The GENIUS Act, signed into law by President Donald Trump in July 2025, has created a legal framework that clarifies responsibilities for stablecoin issuers and custodians, thereby encouraging institutional participation in the crypto market [3]. Analysts note that the act’s passage has already spurred increased engagement from traditional financial players, with institutions like PNC Bank and Western Union exploring stablecoin integrations to enhance cross-border transactions [4].

The launch of USDtb removes regulatory ambiguity that previously hindered U.S. institutions from engaging with stablecoin ecosystems. By anchoring the stablecoin to U.S. regulatory requirements, Ethena and Anchorage have set a precedent for compliance-driven innovation. This aligns with global efforts to harmonize stablecoin regulations, such as the European Union’s MiCA framework and the Bank for International Settlements’ (BIS) advocacy for cross-border digital currency corridors [4]. Teresa Cameron, CFO of Clear Junction, highlighted that the GENIUS Act enables financial institutions to adopt stablecoins as alternatives to legacy systems like SWIFT, citing advantages such as real-time settlement and 24/7 availability [5].

The collaboration’s success could influence future stablecoin projects, incentivizing institutions to adopt a compliance-first approach. However, challenges remain, including the need for ongoing dialogue with regulators and integration into existing financial infrastructure. Despite these hurdles, the USDtb launch signals a maturing market where innovation and regulation coexist. As the first GENIUS-compliant stablecoin, USDtb’s performance will likely be closely monitored by regulators and market participants as a benchmark for future projects [5].

Source:

[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 stablecoin](https://www.theblock.co/post/364119/anchorage-digital-genius-stablecoin-ethena)

[3] [Anchorage Digital Partners with Ethena Labs to Launch the First GENIUS-Compliant Stablecoin](https://www.businesswire.com/news/home/20250723391461/en/Anchorage-Digital-Partners-with-Ethena-Labs-to-Launch-the-First-GENIUS-Compliant-Federally-Regulated-Stablecoin)

[4] [Anchorage and Ethena Launch GENIUS-Compliant USDtb](https://www.ainvest.com/news/anchorage-ethena-launch-genius-compliant-usdtb-onshore-stablecoin-2507/)

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