Ethena Labs has partnered with Anchorage Digital to bring its USDtb stablecoin onshore, issuing it in the United States under the newly enacted GENIUS Act regulatory framework. Currently issued offshore from the British Virgin Islands, USDtb will now be issued directly by Anchorage Digital Bank. This makes it the first stablecoin structured for full compliance with U.S. federal law.
The GENIUS Act, signed into law by President Trump on July 18, 2025, mandates fully‑backed reserves (e.g., U.S. Treasuries or cash), regular audits, and stringent AML/KYC compliance for stablecoin issuers categorized as Permitted Payment Stablecoin Issuers (PPSIs). Anchorage Digital, the only federally regulated crypto-native bank in the U.S., provides the on‑shore infrastructure necessary to meet these requirements.
Compliance-driven differentiator
USDtb currently commands a market capitalization of approximately $1.45 billion, while Ethena’s governance token ENA surged about 9–10% in the 24 hours following the announcement—outpacing a broader altcoin selloff that saw many tokens fall 5–10%. Traditional real-world asset backing through tokenized money market fund BUIDL (BlackRock) and USDC ensures robust stability and institutional-grade transparency. The stablecoin is aimed at institutional players and Anchorage’s federal charter will enable real‑time settlement and seamless integration for platforms like Fidelity, Franklin Templeton, and Dragonfly
Institutional access & market confidence
Anchorage CEO Nathan McCauley emphasized that regulatory clarity under the GENIUS framework allows federally regulated institutions like Anchorage to fully participate in stablecoin issuance, reinforcing trust and institutional adoption. Meanwhile, Ethena CEO Guy Young noted that GENIUS-compliance will empower partners and holders to significantly scale the stablecoin’s use across new platforms, driven by increasing demand.
This move acts as a turning point for stablecoin infrastructure in the U.S., by bridging DeFi innovation with regulatory oversight and opening pathways for broad institutional integration.