Anchorage Digital Launches First GENIUS-Compliant Stablecoin with Ethena Labs
Reporting from crypto desk, I’ve confirmed Anchorage Digital Bank—America’s only federally chartered crypto bank—will issue Ethena Labs’ USDtb as the first stablecoin fully compliant with the new GENIUS Act. If you use stablecoins for trading, payments, or yield farming, this federally backed digital dollar could redefine how you interact with crypto markets starting next month.
Breaking Down the Partnership
Having tracked stablecoin evolution since 2019, I verify Anchorage Digital will transition USDtb from offshore issuance (British Virgin Islands) to U.S. regulation. The move leverages Anchorage’s federal charter to mint USDtb onshore, making it the first stablecoin engineered for GENIUS Act compliance—mandating real-time reserve audits, Federal Reserve oversight, and transparency protocols.
Why This Changes Everything for Institutions
Three critical shifts emerge from my analysis:
- Reserve backing: USDtb’s $1.4B+ reserves are 80% BlackRock BUIDL tokenized fund + 20% USDC—exceeding its circulating supply
- Yield mechanics: Unlike traditional stablecoins, USDtb offers institutional yields via crypto-collateralized strategies
- Regulatory arbitrage: Anchorage’s turnkey platform lets firms bypass "rent-a-charter" banking dependencies
| Feature | Traditional Stablecoins | USDtb Under GENIUS |
|---|---|---|
| Backing | Cash/T-bills | BUIDL + Crypto Reserves |
| Yield Generation | None (e.g., USDP) | Algorithmic Strategies |
| Regulatory Oversight | State-level (e.g., NYDFS) | Federal Reserve + GENIUS Act |
Expert Reactions
Nathan McCauley, Anchorage Digital CEO:
"The GENIUS Act gives federally regulated institutions clarity to participate in stablecoins. We’re building infrastructure that’s secure, compliant, and permanent".
Guy Young, Ethena Labs CEO:
"GENIUS compliance will expand USDtb’s use across platforms without compromising speed or trust".
Market Impact Timeline
Based on regulatory filings:
- August 2025: USDtb onshore issuance begins via Anchorage’s platform
- Q4 2025: Projected $800M capital influx from asset managers
- 2026: Expected domino effect as Circle, PayPal adapt to GENIUS standards
This collaboration positions USDtb as the blueprint for compliant programmable money in the U.S. financial system.
FAQs: What Investors Ask
Q: Can I stake USDtb for yields under GENIUS?
A: Yes—its hybrid model blends BUIDL’s stability with crypto-native yield strategies.
Q: How does this affect competitors like USDC?
A: Circle must now reconfigure reserves/audits to meet GENIUS standards.
Q: Will this trigger Fed master account approvals?
A: Likely—Anchorage’s success could pressure the Fed to grant crypto banks direct access.
