GENIUS Act Spurs First US-Compliant Stablecoin Launch, Market Cap Hits $264B

Anchorage Digital and Ethena Labs have introduced USDtb, the first stablecoin compliant with the 2025 GENIUS Act, marking a pivotal moment in U.S. regulatory alignment for digital assets. The stablecoin, now issued domestically via Anchorage Digital Bank—the sole federally chartered crypto bank in the U.S.—operates under a framework that mandates full reserve backing by cash or short-term Treasuries, monthly audits, and prohibition of rehypothecation of reserves. This collaboration leverages Anchorage’s infrastructure to provide a regulated pathway for USDtb, which previously circulated offshore. The launch underscores the GENIUS Act’s role in formalizing stablecoin issuance and addresses institutional concerns over transparency and liquidity risks [1].

The GENIUS Act, enacted in July 2025, offers a dual regulatory approach: issuers may operate under federal licensing or state programs approved by a federal committee. For smaller issuers with under $10 billion in circulation, state oversight is permitted. The act’s requirements, including monthly independent audits and CEO/CFO certification of reserves, aim to mitigate systemic risks while fostering institutional trust. Nathan McCauley, CEO of Anchorage Digital, highlighted the act’s significance in creating “regulatory clarity” for federally regulated entities, enabling broader participation in stablecoin ecosystems [2]. Ethena Labs’ Guy Young emphasized that compliance enhances transparency for partners and holders, potentially accelerating USDtb’s integration into financial products and platforms [3].

The market response has been notable. Since the GENIUS Act’s passage, the stablecoin market cap surged $4 billion to $264 billion, reflecting heightened institutional interest. Ethena’s native token, ENA, saw a 43% increase in the week following the act’s approval. This momentum aligns with broader industry trends, as major firms like JPMorgan and Bank of America explore stablecoin initiatives. The USDtb launch, backed by $1.5 billion in circulation, positions itself as a competitive force in a market dominated by non-compliant alternatives [4].

The partnership’s implications extend beyond USDtb. By establishing a compliant model, Anchorage and Ethena set a benchmark for stability and accountability, which could pressure other issuers to adopt similar frameworks to access U.S. markets. The act’s exclusion of stablecoins from SEC and CFTC classifications further reduces regulatory friction, enabling faster adoption. However, long-term success hinges on scaling infrastructure and maintaining reserve transparency, as well as addressing potential challenges in balancing compliance with innovation.

The collaboration also highlights the role of crypto-native banks in bridging traditional finance and decentralized ecosystems. Anchorage’s platform provides institutional-grade tools for regulated stablecoin issuance, a model that could attract traditional banks to diversify into digital assets. This integration may reshape the financial landscape, fostering hybrid solutions that combine regulatory rigor with technological efficiency.

Source:

[1] [Anchorage Digital Partners with Ethena Labs to Launch First GENIUS Compliant Federally Regulated Stablecoin](https://www.anchorage.com/insights/anchorage-digital-partners-with-ethena-labs-to-launch-first-genius-compliant-federally-regulated-stablecoin)

[2] [Anchorage Digital and Ethena Labs Launch First GENIUS Act Compliant Stablecoin in the U.S.](https://www.cointribune.com/en/anchorage-digital-and-ethena-labs-launch-first-genius-act-compliant-stablecoin-in-the-u-s/)

[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/)