Anchorage Digital to Issue First GENIUS-compliant Stablecoin in U.S.

Anchorage Digital, the first and only federally chartered crypto bank, has announced a partnership with Ethena Labs to issue USDtb. The token is set to become the first stablecoin in the U.S. issued under full GENIUS Act compliance. This strategic move seeks to bring the asset under a federal regulatory framework for the first time.

For background, Ethena’s USDtb is a yield-bearing dollar token that uses a synthetic, delta-neutral strategy. It is primarily backed by a combination of crypto collateral and tokenized U.S. Treasuries, including BlackRock’s BUIDL, rather than fully traditional fiat reserves.

Anchorage Partners Ethena for GENIUS-compliant Stablecoin

As part of the partnership, Anchorage Digital Bank will begin minting and redeeming USDtb tokens directly within the United States. This shift from the token’s current offshore issuance model is designed to open the way for institutional adoption through regulated financial channels.

Nathan McCauley, the CEO of Anchorage Digital expressed his enthusiasm towards the project. He noted that the approval of the GENIUS Act provides the regulatory clarity needed for federally regulated institutions like Anchorage to fully engage in the stablecoin ecosystem. Furthermore, Ethena Labs CEO, Guy Young highlighted that products like USDtb stand to benefit from federal oversight and regulated appetite.

“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,” he said.

Moreover, by utilizing Anchorage’s turnkey issuance platform, the stablecoin is built for smooth integration with regulated financial infrastructure. This makes it especially attractive to institutional investors.

GENIUS Act Accelerates Adoption

The move comes one week after President Donald Trump signed the GENIUS Act, the country’s first law governing stablecoin issuance. The Act permits federally licensed banks and asset managers to issue their stablecoins provided they meet specific standards established by the government. Additionally, it requires that stablecoin issuers register with regulatory bodies and constantly submit to regular audits.

Meanwhile, Anchorage’s recent move positions it alongside major players like Circle and PayPal, which already operate dollar‑pegged tokens. These companies will likely adapt to the new GENIUS requirements.