Ethena's USDtb becomes first GENIUS-compliant stablecoin via Anchorage partnership ENA token up 5%

Ethena’s USDtb has secured a landmark position as the first stablecoin with a transparent regulatory pathway under the U.S. GENIUS Act, following a partnership with Anchorage Digital Bank. This collaboration enables USDtb to transition from offshore issuance to onshore operations under federal oversight, marking a pivotal step in aligning stablecoins with traditional financial frameworks [1]. Anchorage Digital Bank, the sole federally regulated crypto bank in the U.S., holds a national trust charter from the Office of the Comptroller of the Currency (OCC), qualifying it to issue stablecoins under the new legislative framework [3].

The partnership leverages Anchorage’s infrastructure to issue USDtb in the U.S., ensuring compliance with the GENIUS Act—a legislative measure aimed at standardizing stablecoin operations and mitigating systemic risks [4]. Ethena Labs, which raised $100 million to support the initiative, highlighted that the stablecoin now operates under a structure aligned with OCC standards, positioning it as a model for future regulated digital assets [2]. With over $1.45 billion of USDtb already in circulation, the move underscores a strategic pivot toward institutional-grade transparency and legal clarity [6].

The significance of Anchorage’s federal charter is amplified by the competitive landscape. While major crypto firms like Circle, Ripple, and BitGo have applied for similar charters, Anchorage remains the only active institution capable of issuing GENIUS-compliant stablecoins. This exclusivity gives USDtb a head start in establishing a regulated market, as analysts note the framework could reduce barriers for institutional adoption by providing a legal blueprint for compliance [7]. Anchorage CEO Nathan McCauley emphasized the partnership’s role in demonstrating how stablecoins can integrate into the U.S. financial ecosystem while maintaining their decentralized utility [5].

Market reactions to the announcement have been positive. Ethena’s native token, ENA, surged 5% in early July 2025, reflecting investor confidence in the project’s regulatory clarity [8]. However, the long-term success of USDtb will depend on its ability to maintain reserve transparency and sustain compliance with U.S. standards, particularly amid lingering sensitivities from past stablecoin failures. The initiative also highlights the growing emphasis on regulatory alignment within the crypto industry, with Ethena positioning itself as a leader in compliance-driven innovation [9].

Broader implications extend to the DeFi sector, which has historically struggled to reconcile decentralized operations with traditional financial regulations. USDtb’s compliance model could pave the way for other stablecoins to adopt similar frameworks, accelerating mainstream adoption while addressing systemic risks. Critics, however, caution that maintaining trust in reserve backing and operational transparency will remain critical challenges [10].

By leveraging federal banking infrastructure, Ethena and Anchorage have set a precedent for stablecoin developers navigating the U.S. regulatory environment. The collaboration underscores the role of federally licensed banks in legitimizing crypto assets, a trend that could shape the future of digital finance. As the industry grapples with regulatory uncertainty, USDtb’s structured compliance path offers a blueprint for balancing innovation with accountability, potentially reshaping the landscape of stablecoin issuance.

Source:

[1] [Ethena’s USDtb Becomes First Stablecoin With a Clear Path to US Compliance](https://coinedition.com/ethena-usdtb-first-genius-act-compliant-stablecoin-anchorage/)

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

[3] [Ethena and Anchorage Collaborate to Make USDtb a U.S.-Compliant Payment Stablecoin](https://crypto-economy.com/ethena-and-anchorage-collaborate-to-make-usdtb-a-u-s-compliant-payment-stablecoin/)

[4] [Anchorage Digital partners with Ethena Labs to launch the First Genius Act Compliant Stablecoin](https://www.chaincatcher.com/en/article/2193132)

[5] [Martin Carrica on X](https://x.com/mcarrica/status/1948372139****76524)

[6] [Ethena’s USDtb Becomes First Stablecoin With a Clear Path to US Compliance](https://coinedition.com/ethena-usdtb-first-genius-act-compliant-stablecoin-anchorage/)

[7] [Ethena Labs - X](https://x.com/ethena_labs/status/1948367981802909920)

[8] [Ethena jumps following partnership with Anchorage to launch USDtb Stablecoin](https://www.fxstreet.com/cryptocurrencies/news/ethena-jumps-following-partnership-with-anchorage-to-launch-usdtb-stablecoin-under-genius-framework-202507241707)

[9] [Anchorage Digital announces a strategic partnership with Ethena Labs](https://www.binance.com/en/square/post/27378372224338)

[10] [Ethena’s USDtb Becomes First Stablecoin With a Clear Path to US Compliance](https://coinedition.com/ethena-usdtb-first-genius-act-compliant-stablecoin-anchorage/)