Ethena, Anchorage Digital Launch First GENIUS-Compliant Stablecoin USDtb as ENA Jumps 5%

Ethena Labs, the developer of the ENA cryptocurrency and stablecoins USDe and USDtb, has partnered with Anchorage Digital, a federally chartered crypto bank, to launch USDtb as the first stablecoin compliant with the U.S. GENIUS Act. The collaboration, announced on July 24, 2025, enables USDtb to be issued in the United States under federal regulations that mandate transparency, reserve requirements, and investor protections [1]. This move aligns with the recent enactment of the GENIUS Act, a landmark regulatory framework designed to promote stablecoin adoption while ensuring compliance with U.S. financial standards.

Anchorage Digital will handle USDtb’s onshore issuance through its banking infrastructure, ensuring the stablecoin adheres to requirements such as holding reserves in U.S. government securities and providing real-time transparency via regular reporting [2]. The partnership leverages Anchorage’s status as a federally regulated institution, which adds credibility to USDtb’s compliance profile. Nathan McCauley, CEO of Anchorage Digital, emphasized that the GENIUS Act’s regulatory clarity allows institutions to participate in the stablecoin ecosystem “securely, compliantly, and built to last.” Ethena’s USDtb, a $1.5 billion stablecoin pegged to the U.S. dollar, is expected to attract institutional investors prioritizing regulatory adherence [3].

The collaboration reflects Ethena’s strategy to expand its U.S. footprint. Guy Young, CEO of Ethena Labs, highlighted that GENIUS compliance will enable partners and holders to “significantly expand [USDtb’s] use across new products and platforms.” The company already counts Fidelity, Franklin Templeton, Dragonfly, and Binance Labs among its backers, positioning USDtb for broader market traction [4]. The stablecoin joins a competitive landscape dominated by USDT, USDC, and USDe, with Ethena’s USDtb aiming to differentiate itself through compliance-driven innovation.

The GENIUS Act’s implementation has reshaped the stablecoin industry by imposing stricter oversight. Issuers must now maintain reserves equivalent to their token supply, with a significant portion held in low-risk assets like U.S. Treasuries. This regulatory shift creates opportunities for firms like Ethena, which are proactively aligning with federal standards. Analysts suggest that partnerships like this could set a precedent for future stablecoin launches, emphasizing the necessity of institutional-grade infrastructure [5].

Ethena’s ENA token experienced a 5% price surge following the partnership announcement, reflecting investor confidence in the project’s regulatory alignment. This response underscores the market’s growing preference for stablecoins with transparent compliance frameworks, particularly in a U.S. market historically cautious about unregulated digital assets [6].

While the immediate focus remains the U.S. market, the success of USDtb could influence global stablecoin dynamics. Regulators in other jurisdictions are closely monitoring the U.S. approach, and a well-executed GENIUS-compliant model might serve as a template for international frameworks. However, the partnership’s long-term impact will depend on USDtb’s adoption rates and evolving regulatory landscapes in the U.S. and beyond [7].

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[1] [Ethena Taps Anchorage to Issue $1.5B USDtb Stablecoin...](https://www.coindesk.com/business/2025/07/24/ethena-taps-anchorage-to-issue-usd1-5b-usdtb-stablecoin-in-u-s-under-genius-act)

[2] [Ethena Labs, Anchorage Digital want USDtb Genius...](https://crypto.news/ethena-labs-anchorage-digital-usdtb-genius-compliant/)

[3] [Ethena Partners $3 Billion Anchorage To Launch First...](https://coingape.com/ethena-partners-3-billion-anchorage-to-launch-first-genius-act-compliant-stablecoin/)

[4] [Ethena eyes GENIUS-compliant stablecoin with Anchorage...](https://invezz.com/news/2025/07/24/ethena-eyes-genius-compliant-stablecoin-with-anchorage-digital-partnership/)

[5] [Analysts note that such partnerships could set a precedent...](https://coindesk.com/opinion/2025/07/24/why-expensive-ethereum-will-dominate-institutional-defi)

[6] [Ethena jumps following partnership with Anchorage to...](https://www.mitrade.com/insights/news/live-news/article-3-985134-20250725)

[7] [Anchorage Digital Bank Partners with Ethena to Issue...](https://coincentral.com/anchorage-digital-bank-partners-with-ethena-to-issue-usdtb-onshore/)