Ethena Labs and Anchorage Digital Launch First U.S. Regulated Stablecoin Under 2025 GENIUS Act

Ethena Labs and Anchorage Digital have launched USDtb, a stablecoin fully compliant with the 2025 GENIUS Act, marking the first U.S.-regulated digital asset issued onshore. The collaboration leverages Anchorage Digital Bank’s status as a federally chartered crypto institution to ensure adherence to federal oversight requirements, with the stablecoin backed by audited cash and U.S. Treasury reserves. This move shifts USDtb from offshore operations to U.S.-based issuance, addressing longstanding concerns about transparency in the stablecoin sector [2]. The GENIUS Act, signed into law by U.S. President Donald Trump, mandates strict reserve requirements and establishes a framework for federally regulated stablecoin issuance, signaling a pivotal regulatory shift in the crypto industry [3].

USDtb’s launch reflects growing institutional confidence in stablecoins as infrastructure for cross-border payments and real-time settlements. The stablecoin’s 24/7 availability and potential to rival traditional systems like SWIFT position it as a strategic tool for decentralized finance (DeFi) integration [4]. Ethena’s governance token (ENA) saw a 5% rise following the announcement, underscoring market optimism [5]. Guy Young, CEO of Ethena Labs, emphasized that GENIUS compliance will enable partners and holders to expand USDtb’s utility across new products and platforms, citing strong initial demand [1].

The development aligns with broader institutional adoption trends, with major players like PNC Bank and Western Union exploring similar ventures [6]. Analysts highlight the GENIUS Act as a catalyst for broader participation, particularly in light of its role in legitimizing stablecoin projects under federal scrutiny [7]. By anchoring reserves to audited assets, USDtb addresses risks associated with unregulated stablecoins, such as opaque collateral practices, potentially setting a compliance precedent for future projects [12].

The market response has been swift, with the stablecoin sector’s total market cap surging post-enactment of the bill [11]. However, challenges remain, including ongoing regulatory scrutiny of algorithmic stablecoins and systemic risk concerns [14]. USDtb’s success will depend on maintaining compliance, demonstrating resilience, and achieving widespread adoption among institutional and retail users.

Industry observers note that USDtb bridges the gap between traditional finance and DeFi, offering a compliant pathway for digital asset integration [7]. The launch underscores the crypto industry’s strategic shift toward regulatory clarity as a critical enabler for innovation. Prior to the GENIUS Act, compliance uncertainty hindered institutional involvement, but the law’s clear framework has now legitimized USDtb and opened the door for other regulated stablecoins to enter the U.S. market [9].

Sources:

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

[2] [Anchorage Digital Launches First U.S. Stablecoin](https://www.ainvest.com/news/anchorage-digital-launches-stablecoin-compliant-2025-genius-act-2507/)

[3] [Ethena Taps Anchorage to Issue $1.5 Billion USDtb Stablecoin in U.S. Under GENIUS Act](https://unchainedcrypto.com/ethena-taps-anchorage-to-issue-1-5-billion-usdtb-stablecoin-in-u-s-under-genius-act/)

[4] [GENIUS Act Spurs First US-Compliant Stablecoin Launch](https://news.bitcoin.com/genius-act-spurs-first-us-compliant-stablecoin-launch/)

[5] [Ethena jumps following partnership with Anchorage to launch USDtb](https://www.mitrade.com/insights/news/live-news/article-3-985134-20250725)

[6] [Traditional Financial Institutions Pile into the Stablecoin Game](https://cointelegraph.com/news/anchorage-digital-stablecoin-platform-genius-signing)

[7] [Anchorage Digital And Ethena Labs To Launch First GENIUS-Compliant Stablecoin](https://financefeeds.com/anchorage-digital-and-ethena-labs-to-launch-first-genius-compliant-stablecoin-under-federal-oversight/)

[9] [GENIUS Act Spurred First US-Compliant Stablecoin Launch](https://news.bitcoin.com/genius-act-spurs-first-us-compliant-stablecoin-launch/)

[12] [Anchorage Digital Launches First U.S. Stablecoin](https://www.ainvest.com/news/anchorage-digital-launches-stablecoin-compliant-2025-genius-act-2507/)

[14] [Crypto Industry’s Regulatory Challenges](https://cointelegraph.com/news/anchorage-digital-stablecoin-platform-genius-signing)