Anchorage Digital Partners with Ethena Labs to Launch the First GENIUS-Compliant; Federally Regulated Stablecoin

Anchorage Digital, home to the first and only federally chartered crypto bank, today announced a strategic partnership with Ethena Labs, the creator of USDe and USDtb, to bring USDtb to the U.S. as the first-ever stablecoin with a clear pathway to becoming compliant with the recently enacted GENIUS Act—America’s new law to regulate issuance of stablecoins.

The launch will be the first to leverage Anchorage Digital’s stablecoin issuance platform—a turnkey solution for institutions to launch and distribute fully regulated digital dollars. Anchorage Digital’s decision to partner with Ethena, a project focused on developing secure, compliance-driven rails and products that provide institutional investors with access to the unique advantages of digital assets, marks a significant step forward in aligning innovation with regulation in the U.S. financial system.

Under the partnership, the USDtb stablecoin—which is currently issued offshore—will be issued in the U.S. by Anchorage Digital Bank, positioning the firm as the leading U.S. stablecoin issuer for institutions seeking compliant, programmable, digital dollars aligned with the highest regulatory standards set by the GENIUS Act. Issuing this stablecoin under the U.S.-compliant framework enables smoother integration with the U.S. financial system and provides institutions with more accessible, regulated pathways to hold USDtb.

“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.” — Nathan McCauley, CEO and Co-Founder of Anchorage Digital

“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.” — Guy Young, CEO of Ethena Labs

Stablecoins are quickly becoming the lifeblood of the future of finance—both in America and globally—powering everything from real-time settlement and cross-border payments to next-generation fintech infrastructure and decentralized markets. By enabling safe, scalable, and regulated issuance, Anchorage Digital is helping ensure that this foundational layer of modern finance is built on trust, resilience, and U.S. leadership.

About Ethena Labs

Ethena Labs is the creator of USDe and USDtb and a contributor to the Ethena protocol. Ethena is the protocol behind USDe, the third-largest and fastest growing USD-denominated crypto asset in history with over $6 billion in TVL today across one of the largest sets of DeFi users, alongside integrations with some of the largest centralized exchanges and major DeFi applications. Ethena Labs is backed by Fidelity, Franklin Templeton, Dragonfly, Binance Labs, Bybit and OKX among others.

About Anchorage Digital

Anchorage Digital is a global crypto platform that enables institutions to participate in digital assets through trading, staking, custody, governance, settlement, stablecoin issuance, and the industry’s leading security infrastructure. Home to Anchorage Digital Bank N.A., the only federally chartered crypto bank in the U.S., Anchorage Digital also serves institutions through Anchorage Digital Singapore, which is licensed by the Monetary Authority of Singapore; Anchorage Digital NY, which holds a BitLicense from the New York Department of Financial Services; and self-custody wallet Porto by Anchorage Digital. Recently, through the enactment of GENIUS, Anchorage Digital Bank became the only U.S., federally regulated and GENIUS-compliant stablecoin issuer bank. The company is funded by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota. Learn more at anchorage.com, on X @Anchorage, and on LinkedIn.

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