Anchorage Digital to issue first GENIUS‑compliant stablecoin in US with Ethena Labs

The Block

2025-07-24 22:09:55

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Anchorage Digital, the first federally chartered crypto bank in the United States, will issue Ethena Labs’ USDtb token onshore as the first stablecoin engineered to comply with the new GENIUS Act, the companies said on Thursday.

Ethena’s USDtb is a yield-bearing dollar token primarily backed by BlackRock’s BUIDL and crypto collateral rather than traditional reserves to maintain its $1 peg. The synthetic stablecoin has circulated offshore since December and amassed $1.45 billion in total value locked, according to DefiLlama data.

Under the partnership, Anchorage Digital Bank will mint and redeem USDtb tokens directly in the U.S., bringing the asset under a federal regulatory umbrella for the first time. Anchorage said its stablecoin issuance platform will serve as a turnkey infrastructure for Ethena’s stablecoin to “launch and distribute fully regulated digital dollars.”

The move comes one week after President Donald Trump signed the GENIUS Act, the country’s first law governing stablecoin issuance. Industry players and U.S. officials like Treasury Secretary Scott Bessent expect the legislation to accelerate demand from asset managers, payments firms, and corporates looking for yield‑bearing, programmable dollars.

The passage of GENIUS gives federally regulated institutions a green light and clarity to participate in the stablecoin ecosystem, Anchorage CEO Nathan McCauley noted in the release.

Guy Young, Ethena Labs CEO, added that products like USDtb stand to benefit from federal oversight and regulated appetite. “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,” he said.

Anchorage’s announcement positions it alongside giants such as Circle and PayPal, which already operate dollar‑pegged tokens but must adapt to GENIUS requirements. Major banks like JPMorgan and Citi have flagged plans to experiment with stablecoins and deposit‑backed tokens once the rules settle.

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