Ethena Labs has partnered with Anchorage Digital, a federally chartered crypto bank, to issue USDtb as the first stablecoin to comply with the United States’ recently enacted stablecoin law, the GENIUS Act.
Summary
- Ethena Labs and Anchorage Digital want to transition USDtb into a stablecon regulated in the United States.
- USDtb is a stablecoin that Ethena Labs issues offshore, but the companies’ goal is to make it GENIUS-compliant and issued in the U.S.
- GENIUS Act is a new U.S. stablecoin legislation signed into law on July 18, 2025.
Ethena Labs and Anchorage Digital announced their strategic partnership on July 24, noting that the plan is to bring Ethena’s stablecoin USDtb to the U.S.
More importantly, the companies want the offshore-issued stablecoin to be reissued in the U.S. under the regulatory guidelines of the GENIUS Act.
The Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS, was signed into law by President Donald Trump on July 18, 2025. As a landmark crypto regulation law, the Act provides for the federal regulation of stablecoins in the U.S., with a view to promoting innovation and to protect consumers.
“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. We’re proud to support Ethena in bringing their product to the U.S.—helping deliver even greater transparency and confidence to their partners,” said Nathan McCauley, co-founder and chief executive officer of Anchorage Digital.
What is Ethena’s USDtb?
USDtb, one of Ethena Labs’ two stablecoins — the other being USDe (USDE) — is a $1.4 billion token currently issued offshore. Circle’s USDC and BlackRock’s tokenized fund BUIDL. The BUIDL fund’s reserves backing USDtb make up over $1.1 billion. Meanwhile, USDe is a $7 billion synthetic dollar stablecoin that offers derivatives-based hedging.
With this collaboration, Ethena will bring USDtb onshore, issuing it through Anchorage Digital Bank’s stablecoin issuance platform. The regulated crypto bank’s turnkey solution allows institutions to issue and distribute regulatory-compliant digital dollars.
In this case, having USDtb issuance comply with the U.S. stablecoin framework will see Ethena Labs benefit from increased integration across the country’s financial system. The move also bolsters the firm’s traction in a market set to witness heavy competition.
Ethena eyes U.S. expansion
Circle and Tether currently dominate the stablecoin market, with Tether commanding a market cap of over $162 billion. USDC is a $64 billion stablecoin as of writing. Ethena Labs targets inroads into this growing market through its partnership with Anchorage Digital.
“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. By partnering with Anchorage Digital—the only federally regulated crypto bank in the United States—we reinforce the foundation needed to continue scaling the product without compromising on speed, flexibility, or trust,” said Guy Young, chief executive officer of Ethena Labs.
