Ethena taps Anchorage to navigate GENIUS Act compliance for USDtb stablecoin

Ethena Labs has partnered with Anchorage Digital to launch a fully regulated version of its USDtb stablecoin within the United States, aligning with the newly enacted GENIUS Act, according to a July 24 statement.

The collaboration marks a major milestone for Ethena as it transitions USDtb’s issuance to a domestically regulated GENIUS Act framework that US President Donald Trump recently signed into law.

The GENIUS Act creates a federal regulatory framework for stablecoins and grants the Federal Reserve oversight authority over the industry. It imposes strict conditions on reserve asset holdings and compliance requirements for issuers operating within the US.

Anchorage’s role

Ethena confirmed that USDtb will now be issued directly by Anchorage, a federally chartered crypto institution.

According to the firm, the issuance will use Anchorage’s stablecoin platform, which offers a streamlined path for institutions to release compliant digital dollars.

Anchorage remains the only crypto-native firm in the country with a federal banking charter, giving it a unique advantage in issuing compliant digital assets.

By moving its issuance onshore, Ethena gains a stronger foothold in the US stablecoin market while reinforcing investor confidence through Anchorage’s regulatory status.

Nathan McCauley, CEO and Co-Founder of Anchorage Digital, said:

“The passage of the GENIUS Act provides the regulatory clarity that enables federally regulated institutions like Anchorage Digital Bank to fully participate in the stablecoin ecosystem…As stablecoins become a foundational layer of modern finance, it’s essential they’re built on infrastructure that’s secure, compliant, and built to last.”

USDtb sees strong demand

Guy Young, CEO of Ethena Labs, stated that the firm has been seeing strong demand for USDtb, which resulted in the move to make the digital asset GENIUS-compliant.

He added:

“We expect GENIUS compliance to empower our partners and holders to confidently and significantly expand its use across new products and platforms.”

USDtb was initially launched in December 2024 in collaboration with Securitize, the issuer of BlackRock’s tokenized BUIDL fund.

The token represents a share of BlackRock’s BUIDL fund, which holds over $2.4 billion in assets, primarily short-term US Treasury bills.

BUIDL is the largest tokenized treasury fund and operates across several blockchain networks, including Ethereum, Aptos, Avalanche, and layer-2 networks like Arbitrum, Optimism, and Polygon.

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