TL;DR
- Anchorage Digital has unveiled a new stablecoin issuance platform aimed at regulated institutional clients, taking advantage of fresh U.S. legislation under the GENIUS Act.
- Ethena Labs will be its first partner, bringing its USDtb yield-bearing token onshore through Anchorage Digital Bank.
- This move positions Anchorage among top players like Circle and Ripple while strengthening its status as the only crypto bank in the U.S. with a national trust charter and expanding its reach.
Anchorage Digital has stepped forward with an institutional-grade stablecoin issuance platform just days after President Donald Trump signed the GENIUS Act into law. The updated regulation gives federally regulated entities like Anchorage Digital Bank the framework to expand their services in the growing stablecoin market. Anchorage Digital Bank remains the first and only crypto-focused bank holding a national trust charter from the U.S. Office of the Comptroller of the Currency, setting it apart from other issuers aiming to enter this space.
Ethena Labs Partnership Marks New Phase
Ethena Labs will become the first client to launch its USDtb token under Anchorage’s onshore platform. USDtb is not just another dollar-pegged token; it is designed to generate yield for holders, unlike traditional fee-free stablecoins like USDT or USDC. The token, which is primarily backed by BlackRock’s BUIDL fund and crypto collateral, already circulates offshore with over $1.45 billion locked, according to DefiLlama and Etherscan, proving investor appetite is growing steadily.
By moving USDtb issuance to U.S. soil, Ethena and Anchorage aim to bring this asset fully under federal oversight and offer institutions a trusted gateway. The GENIUS Act, which broadens the OCC’s authority to cover nonbank payment stablecoin issuers, gives Anchorage Digital Bank the green light to mint and redeem tokens directly for institutional investors in the U.S.
Regulated Infrastructure Sparks New Demand
Anchorage’s CEO Nathan McCauley emphasized that the GENIUS Act offers the regulatory certainty institutions have long demanded. Ethena’s CEO Guy Young noted that bringing USDtb under a federal umbrella will likely attract more partners and expand its reach in new financial products. Anchorage’s new infrastructure promises turnkey issuance, compliance, custody, and redemption solutions, appealing to asset managers, payment providers, corporates, and even fintech startups searching for programmable dollars with yield potential.
This strategic launch positions Anchorage Digital alongside established players like Circle and PayPal, which must now adjust their stablecoin offerings to comply with the GENIUS framework. As traditional banks like JPMorgan and Citi watch closely, Anchorage is staking its claim to lead this next chapter of stablecoin innovation in the United States, reinforcing the growing bridge between crypto and traditional finance.
