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Anchorage Digital partners with Ethena Labs for GENIUS compliant stablecoin – Ledger Insights – blockchain for enterprise
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Anchorage Digital has introduced a partnership with Ethena Labs to convey a GENIUS Act compliant stablecoin to the United States. The collaboration will see USDtb, at the moment issued offshore from the British Virgin Islands, reissued domestically by means of Anchorage Digital Bank.
The transfer positions USDtb among the many early stablecoins designed to satisfy necessities beneath the lately enacted GENIUS Act, which establishes federal rules for stablecoin issuance. Unlike Ethena’s major token USDe, which depends closely on derivatives methods and carries a market capitalization approaching $7 billion, USDtb features as a fee-centered stablecoin backed primarily by conventional belongings.
USDtb at the moment maintains a market capitalization exceeding $1.4 billion, with BlackRock’s BUIDL tokenized fund comprising roughly $1.1 billion of its reserves and USDC making up a lot of the the rest. The stablecoin’s asset backing marginally exceeds its circulating provide.
“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,” mentioned Guy Young, CEO of Ethena Labs.
For Anchorage Digital, the partnership represents its entry into direct stablecoin issuance utilizing its newly developed institutional platform. As the primary and solely digital asset financial institution with a nationwide belief financial institution constitution, Anchorage Digital lately acquired Mountain Protocol to strengthen its stablecoin capabilities. It additionally participates in Paxos’s Global Dollar stablecoin initiative, although this creates potential aggressive dynamics as Paxos additionally points stablecoins for main purchasers together with PayPal.
The collaboration comes as Ethena lately confronted regulatory challenges elsewhere, notably being compelled to wind down operations in Germany by monetary regulator BaFin. The partnership with Anchorage Digital could present Ethena with essential regulatory legitimacy because it seeks to develop USDtb’s institutional adoption inside compliant frameworks.
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