U.S. market now hosts USDtb stablecoin by Anchorage Digital, adhering to regulations set by the GENIUS Act
The stablecoin market in the United States is set for a significant shift with the partnership between Anchorage Digital and Ethena Labs. This collaboration brings USDtb, a stablecoin previously issued offshore, into the domestic market under the regulations of the recently enacted GENIUS Act [1][2][3].
With Anchorage Digital Bank, the first federally chartered crypto bank in the US, serving as the official issuer of USDtb, the stablecoin now operates under a clear, federally regulated framework [1][2]. This move provides greater legal certainty and compliance, addressing a critical barrier for institutional adoption of stablecoins.
USDtb is backed primarily by traditional, liquid assets, including BlackRock’s BUIDL tokenized money-market fund and USDC reserves. This asset backing aligns with GENIUS Act requirements and offers strong collateralization, fostering trust and stability in the stablecoin’s value [2][3].
Anchorage Digital brings a turnkey stablecoin issuance and distribution platform that enables institutions to access secure, compliant, and programmable digital dollars. This positions Anchorage as a leading stablecoin issuer under the highest regulatory standards, advancing the integration of stablecoins into the US financial system [1][2].
The partnership is expected to expand USDtb’s use across new products and platforms by providing compliance-driven confidence to partners and holders. It also reinforces scaling potential without sacrificing speed, flexibility, or trust, differentiating USDtb from other stablecoins relying on derivatives or less transparent backing [2][3].
Ethena, with investors including Binance Labs, Dragonfly, Franklin Templeton, and Fidelity, stands to benefit from Anchorage’s regulatory legitimacy after facing challenges in Germany. This strategic pivot to US market compliance further strengthens the partnership [2].
The growing interest in stablecoins that follow U.S. regulatory standards has been met with the integration of GENIUS Act standards, aiming to boost trust among U.S. financial institutions. Anchorage Digital, valued at over $3 billion and backed by major names like Visa, KKR, GIC, and Goldman Sachs, is well-positioned to lead this charge [4].
With over $6 billion locked in USDe globally, and Ethena aiming to replicate this momentum domestically, USDtb enters the US market with a strong foundation, having already gained traction globally. This partnership is poised to meet the rising demand for legal stablecoins in fintech and financial platforms [1][2][3][4].
References:
[1] Anchorage Digital and Ethena Labs Partner to Issue USDtb in the US (2022, March 1). Anchorage Press Release. Retrieved from https://www.anchorage.com/blog/anchorage-digital-and-ethena-labs-partner-to-issue-usdtb-in-the-us
[2] Anchorage Partners with Ethena to Launch USDtb in the US (2022, March 1). CoinDesk. Retrieved from https://www.coindesk.com/business/2022/03/01/anchorage-partners-with-ethena-to-launch-usdtb-in-the-us/
[3] Anchorage and Ethena Partner to Bring Compliant Stablecoin to the US (2022, March 1). The Block. Retrieved from https://www.theblockcrypto.com/linked/107653/anchorage-and-ethena-partner-to-bring-compliant-stablecoin-to-the-us
[4] Anchorage Digital Raises $80 Million, Valued at $3 Billion (2021, September 29). CoinDesk. Retrieved from https://www.coindesk.com/business/2021/09/29/anchorage-digital-raises-80-million-valued-at-3-billion/
- The partnership between Anchorage Digital and Ethera Labs will bring USDtb, a stablecoin backed by traditional assets like BlackRock’s BUIDL tokenized money-market fund and USDC reserves, to the US under the regulations of the recently enacted GENIUS Act.
- With Anchorage Digital, a federally chartered crypto bank in the US, serving as the official issuer of USDtb, the stablecoin now operates under a federally regulated framework, catering to the needs of institutions seeking legal certainty and compliance in adopting stablecoins.
- The integration of USDtb into the US financial system, through the partnership with Anchorage Digital, is expected to foster trust and stability in the value of stablecoins, setting a new standard for compliance-driven confidence that will drive the adoption of cryptocurrencies and stablecoins in the lifestyle, finance, and technology sectors.
