Ethena Labs and Anchorage Digital have joined forces to introduce a fully regulated version of the USDtb stablecoin in the United States, in compliance with the recently enacted GENIUS Act. This partnership signifies a significant milestone for Ethena as it transitions USDtb’s issuance to a domestically regulated framework under the GENIUS Act, signed into law by US President Donald Trump.
The GENIUS Act establishes a federal regulatory framework for stablecoins and grants oversight authority to the Federal Reserve over the industry. It sets forth stringent conditions regarding reserve asset holdings and compliance requirements for issuers operating within the US.
Anchorage Digital will play a crucial role in the issuance of USDtb, being a federally chartered crypto institution. The stablecoin will be issued directly by Anchorage, utilizing its stablecoin platform which provides a streamlined process for institutions to release compliant digital dollars. Anchorage holds the distinction of being the only crypto-native firm in the country with a federal banking charter, giving it a competitive edge in issuing compliant digital assets.
By shifting its issuance operations onshore, Ethena secures a stronger position in the US stablecoin market and bolsters investor confidence through Anchorage’s regulatory standing.
Nathan McCauley, CEO and Co-Founder of Anchorage Digital, expressed optimism about the regulatory clarity provided by the GENIUS Act, enabling federally regulated institutions like Anchorage Digital Bank to actively participate in the stablecoin ecosystem. McCauley emphasized the importance of building stablecoins on secure, compliant, and enduring infrastructure as they become a foundational component of modern finance.
Ethena Labs CEO, Guy Young, noted the robust demand for USDtb, prompting the decision to make the digital asset compliant with the GENIUS Act. Young anticipates that GENIUS compliance will empower partners and holders to expand the use of USDtb across new products and platforms.
Originally launched in December 2024 in partnership with Securitize, the issuer of BlackRock’s tokenized BUIDL fund, USDtb represents a share of BlackRock’s BUIDL fund which holds assets exceeding $2.4 billion, primarily consisting of short-term US Treasury bills. BUIDL is recognized as the largest tokenized treasury fund and operates across various blockchain networks including Ethereum, Aptos, Avalanche, as well as layer-2 networks such as Arbitrum, Optimism, and Polygon.
In conclusion, the collaboration between Ethena Labs and Anchorage Digital in launching a regulated version of USDtb within the US underscores the commitment to compliance and innovation in the stablecoin sector. This move not only strengthens Ethena’s foothold in the market but also paves the way for broader adoption and utilization of USDtb across diverse financial platforms and products.