Anchorage Digital and Ethena Labs have announced a strategic partnership to introduce USDtb to the U.S. market, positioning it as the first stablecoin with a pathway to compliance under the recently enacted GENIUS Act.
Under this collaboration, USDtb, which is currently issued offshore, will be issued in the U.S. by Anchorage Digital Bank. This move leverages Anchorage Digital’s stablecoin issuance platform, a solution designed for institutions seeking to launch and distribute regulated digital dollars. Anchorage Digital Bank N.A. is the only federally chartered crypto bank in the U.S. and has become a GENIUS-compliant stablecoin issuer bank following the act’s enactment.
Nathan McCauley, CEO and Co-Founder of Anchorage Digital, commented on the development: “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. 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.”
Guy Young, CEO of Ethena Labs, noted the anticipated impact: “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.” Ethena Labs, known for creating USDe and USDtb, focuses on developing secure, compliance-driven products for institutional access to digital assets. USDe is reported as the third-largest and fastest-growing USD-denominated crypto asset, with over $6 billion in Total Value Locked (TVL).
This partnership aims to enable smoother integration of USDtb with the U.S. financial system, offering institutions regulated pathways to hold the stablecoin. The collaboration seeks to align innovation with regulatory standards, contributing to the development of a trusted and resilient foundational layer for modern finance.
Anchorage Digital is a global crypto platform providing institutions with services including trading, staking, custody, governance, settlement, and stablecoin issuance. Beyond Anchorage Digital Bank N.A., the company operates Anchorage Digital Singapore (licensed by the Monetary Authority of Singapore), Anchorage Digital NY (holds a BitLicense from the New York Department of Financial Services), and a self-custody wallet, Porto by Anchorage Digital. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota, and is backed by investors such as Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with a Series D valuation exceeding $3 billion.
Ethena Labs is a contributor to the Ethena protocol. The company has received backing from firms including Fidelity, Franklin Templeton, Dragonfly, Binance Labs, Bybit, and OKX.
