Ethena Anchorage Launch USDtb Stablecoin in U.S. with GENIUS Act Compliance

Ethena Labs has announced plans to launch its USDtb stablecoin in the U.S. in collaboration with Anchorage Digital, a federally regulated cryptocurrency bank, under the newly enacted GENIUS Act. The $1.5 billion stablecoin, previously issued offshore, will now operate under a regulatory framework that mandates full collateralization with U.S. Treasuries or cash equivalents. Anchorage Digital will serve as the onshore issuer, enabling institutions to distribute USDtb while complying with the Act’s audit and transparency requirements. The token’s transition to the U.S. market follows the signing of the GENIUS Act by President Donald Trump on July 18, 2025, which aims to standardize stablecoin operations and address past concerns over reserve practices [1].

The partnership marks a significant shift for USDtb, which currently holds $1.1 billion in reserves tied to BlackRock’s tokenized BUIDL fund. By leveraging Anchorage Digital’s federal banking license, Ethena seeks to position USDtb as a competitive alternative to major stablecoins like Tether (USDT) and Circle’s USD Coin (USDC). These peers have faced scrutiny for opaque reserve disclosures, a gap the GENIUS Act explicitly addresses. Ethena CEO Guy Young stated that the legislation’s compliance framework will “empower our partners and holders to expand USDtb’s use across new products and platforms,” highlighting the regulatory clarity as a key driver for adoption [3].

The move aligns with broader industry efforts to bridge crypto-native protocols with traditional financial infrastructure. Anchorage Digital’s role as the first federally chartered crypto bank enables it to act as a conduit for regulated stablecoin issuance, reinforcing investor confidence through its turnkey issuance platform. This collaboration reflects growing institutional interest in the stablecoin market, which exceeds $250 billion in value, and follows recent entries from major players like Citigroup, J.P. Morgan Chase, and Western Union [1]. The GENIUS Act’s requirements for transparency and federal oversight could set a precedent for future projects, with USDtb serving as a model for compliance in the U.S.

Market dynamics also highlight USDtb’s potential. The stablecoin’s circulating supply now stands at over $1.45 billion, according to CoinMarketCap [1], while its native token, ENA, has surged approximately 75% in a month, reflecting heightened investor optimism. However, Tether remains the dominant player, with daily trading volumes of $152.6 billion, compared to USD Coin’s $17.4 billion [1]. USDtb’s compliance edge could attract institutions seeking to mitigate regulatory risks, particularly in light of past stablecoin collapses like Terra’s UST.

The GENIUS Act’s impact extends beyond USDtb, signaling a regulatory shift toward standardizing stablecoin operations. By mandating full collateralization and federal oversight, the law addresses systemic risks and fosters trust in digital assets. As the first stablecoin to navigate this framework, USDtb’s success could influence future projects to adopt similar compliance standards for U.S. market access.

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)

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