Anchorage Digital has joined forces with Ethena Labs to launch USDtb in the United States, marking a historic first for a stablecoin designed specifically for compliance with the new GENIUS Act. This landmark federal framework sets out clear rules for stablecoin issuance—and, through this partnership, Anchorage Digital Bank is now positioned as the first institution under federal oversight to offer a GENIUS-compliant stablecoin to the American market.
A Turnkey Platform for Regulated Digital Dollars
This collaboration heralds the debut of Anchorage Digital’s state-of-the-art stablecoin issuance platform, a comprehensive “turnkey” system for launching digital dollars within a regulated environment. Through this alliance, Anchorage will issue USDtb in the U.S. financial system, unlocking access for banks and financial institutions to a programmable, fully regulated dollar-backed token that can be seamlessly integrated into existing financial infrastructure.
Building Trust: Regulatory Leadership Sets the New Standard
Nathan McCauley, CEO and Co-Founder of Anchorage Digital, underscored the significance of the move:
“The GENIUS Act delivers regulatory clarity for federally regulated institutions like Anchorage to become fully active in the stablecoin sector. We’re proud to support Ethena as they bring their product to the United States—helping partners operate with greater transparency and confidence. Stablecoins are becoming foundational to modern finance, so it’s essential they’re supported by secure, compliant, and resilient infrastructure.”
Ethena Labs Shifts Toward U.S. Regulatory-First Approach
Ethena Labs—the creator of the offshore USDtb and USDe—is pivoting to a regulatory-first model as institutional demand for compliant digital dollars surges. Having already achieved significant traction (with over $6 billion in total value locked across DeFi and major exchange platforms), Ethena is leveraging U.S. compliance as a foundation for further growth.
Guy Young, CEO of Ethena Labs, shared:
“Demand for USDtb has already been strong, but GENIUS compliance will give partners and holders the confidence to scale its use across new products and services. By partnering with Anchorage Digital—the only federally regulated crypto bank in the U.S.—we set the groundwork to expand without compromising on speed, flexibility, or trust.”
GENIUS Act Sets Out Clear Framework for Stablecoin Issuance
Enacted in 2025, the GENIUS Act requires that all U.S. dollar-backed stablecoins be issued by federally regulated banks and comply with strict standards on reserve management, transparency, and redeemability. By launching USDtb through Anchorage Digital Bank’s federal charter, the program is fully aligned with the law, offering institutions, fintechs, and financial platforms a regulated, programmable digital asset.
A New Model for Institutional Finance
The rise of dollar-pegged stablecoins is transforming everything from cross-border payments to collateral management and decentralized finance. For institutional investors, a GENIUS-compliant stablecoin, issued under federal bank supervision, presents a safer, regulator-approved instrument for managing liquidity, collateral, and asset tokenization.
Anchorage Digital’s unique position as the first—and only—federally chartered crypto bank in the U.S. enables it to connect traditional finance and digital assets with robust compliance safeguards. Its infrastructure now spans custody, staking, settlement, and, with this innovation, secure stablecoin issuance under federal rules.
Investor Backing and Ecosystem Impact
With support from blue-chip investors like Andreessen Horowitz, Goldman Sachs, KKR, Visa, and GIC, Anchorage Digital is expanding its U.S. footprint as regulatory clarity grows. Its GENIUS-compliant stablecoin platform lays the foundation for broader institutional adoption—giving market participants a home-grown, regulated alternative to offshore options.
Setting a New Benchmark for Digital Dollars
The launch of USDtb under federal banking oversight not only addresses the risk and policy concerns of regulators and Congress but sets a new standard for scaling stablecoin infrastructure within U.S. law. This model delivers predictable redemption, capital treatment, and seamless integration into regulated payment and trading systems—redefining what it means to deliver truly institutional-grade digital dollars.
