Anchorage Digital, the first and only federally chartered crypto bank in the U.S., has announced a strategic partnership with Ethena Labs to introduce USDtb, a regulatory-compliant stablecoin, to the American market. This landmark initiative positions Anchorage as a leading U.S. stablecoin issuer and marks the first instance of a stablecoin aligning with the recently enacted GENIUS Act, setting a new precedent for institutional stablecoin utilization and regulatory compliance under the new federal framework.
The GENIUS Act, officially known as the "Guiding and Establishing National Innovation for US Stablecoins Act," was signed into law by U.S. President Donald Trump in July 2025. It establishes a comprehensive legal framework for the issuance and regulation of "payment stablecoins," designed to be used as a means of payment or settlement. The Act mandates strict 1:1 reserve requirements in high-quality liquid assets, prohibits interest payments by issuers, and requires robust anti-money laundering programs, among other provisions.
Under this new partnership, USDtb, which was previously issued offshore, will now be issued domestically in the U.S. by Anchorage Digital Bank. This move provides institutions with regulated and transparent access to digital dollars within the U.S. financial system, marking a significant step forward for the industry.
Nathan McCauley, CEO of Anchorage Digital, emphasized the importance of this collaboration: "The GENIUS Act sets a clear regulatory path, and our partnership with Ethena Labs enables compliant, institutional access to the stablecoin market. We’re bringing robust infrastructure and regulatory clarity for programmable digital assets."
Guy Young, CEO of Ethena Labs, added, "While we've already seen strong demand for USDtb, we expect GENIUS compliance to empower our partners and holders to confidently and significantly expand its use across new products and platforms. By partnering with Anchorage Digital—the only federally regulated crypto bank in the United States—we reinforce the foundation needed to continue scaling the product without compromising on speed, flexibility, or trust.”
USDtb is a digital dollar, or USD stablecoin, designed for payments and backed by institutional-grade tokenized U.S. treasury fund products, including BlackRock's BUIDL tokenized fund, and a stablecoin reserve for rapid redemptions. Its current market capitalization exceeds $1.4 billion. This move for Ethena Labs comes as it seeks to gain crucial regulatory legitimacy within compliant frameworks, particularly after facing regulatory challenges in other jurisdictions.
Anchorage Digital's new stablecoin issuance platform offers a turnkey solution for institutions to launch and distribute fully regulated digital dollars. As the only federally chartered crypto bank in the U.S., Anchorage Digital is uniquely positioned to offer compliant pathways for holding and utilizing digital assets, contributing to the establishment of trust and resilience in the foundational layer of modern finance.
July 2025, Cryptoniteuae