Ethena’s USDtb stablecoin is coming to the US through a new partnership with Anchorage Digital, making it one of the first stablecoins fully compliant with the newly passed GENIUS Act.
Key Takeaways
- 1Ethena partners with Anchorage Digital to launch USDtb in the US.
- 2This marks the first GENIUS Act compliant stablecoin rollout.
- 3ENA token rose 5% following the announcement.
- 4GENIUS Act is unlocking new growth for crypto-friendly institutions.
What Happened
Anchorage Digital has teamed up with Ethena Labs to reissue the USDtb stablecoin inside the US, complying with the recently signed GENIUS Act. This partnership makes Anchorage the first federally chartered crypto-native bank to support such an issuance and positions USDtb among the first legally compliant stablecoins in the country.
A New Chapter for Stablecoins in the US
The GENIUS Act, signed into law by President Trump in July, introduces a clear legal framework for issuing and managing stablecoins in the United States. This move aims to remove the regulatory uncertainty that has long hindered adoption by financial institutions.
- Anchorage Digital becomes the first to offer a turnkey platform for launching GENIUS-compliant stablecoins.
- Ethena’s USDtb was previously issued offshore but now gains full legal status domestically.
- Teresa Cameron of Clear Junction highlighted stablecoins’ advantages over legacy systems, praising their real-time settlement and transparency.
Ethena and Anchorage Lead the Charge
Under the new agreement, Anchorage Digital Bank will issue USDtb. It is the only crypto-native institution with a US national trust bank charter, giving it a unique advantage. Ethena’s USDtb, a payment-focused stablecoin backed by traditional assets, differs from its riskier USDe token, which uses derivatives strategies.
- USDtb currently holds over $1.4 billion in market capitalization.
- Backed primarily by BlackRock’s BUIDL tokenized fund and USDC.
- The asset base slightly exceeds circulating supply, reinforcing trust.
Ethena CEO Guy Young stated, “We expect GENIUS compliance to empower our partners and holders to confidently and significantly expand its use across new products and platforms.”
Institutional Momentum Builds
The GENIUS Act has sparked increased activity from traditional finance:
- PNC Bank is partnering with Coinbase for crypto services.
- Western Union is exploring stablecoin solutions for remittances.
- WisdomTree rebranded its USDW stablecoin post-GENIUS.
- Big names like J.P. Morgan, Morgan Stanley, and Goldman Sachs are reportedly working on stablecoin initiatives.
Anchorage’s move also follows its acquisition of Mountain Protocol to strengthen its stablecoin infrastructure. However, the bank remains part of Paxos’s Global Dollar initiative, creating potential competitive overlaps.
Market Reaction and Outlook
The market responded swiftly to the announcement. Ethena’s ENA token jumped 5% and could climb higher. Analysts expect the stablecoin market to grow significantly, with some projecting a market cap of up to $2 trillion by 2028. JPMorgan analysts, however, suggest a more conservative doubling of the current $270.4 billion size.
CoinLaw’s Takeaway
Honestly, this is exactly what crypto needed. For years, stablecoins have been trapped in regulatory gray zones, but the GENIUS Act flips the script. Watching firms like Anchorage and Ethena move this fast tells me one thing: crypto is finally playing by the big league rules. I’m excited to see more institutions get on board now that there’s a clear path. This isn’t just another product launch. It’s a turning point.
