Anchorage Digital & Ethena Make History: First Onshore USDtb Launch Shakes Up Crypto Banking

Crypto's institutional pioneers just flipped the script on stablecoin issuance—without asking Wall Street's permission.

The vault doors swing open

Anchorage Digital Bank—the first federally chartered crypto bank—teamed with synthetic dollar protocol Ethena to launch USDtb directly on US soil. No offshore shell games, no regulatory wink-and-nod. Just the first fully compliant onshore alternative to Tether's dominance.

Why TradFi should sweat this

The move bypasses legacy finance's chokehold on dollar-pegged tokens. While JPMorgan was busy filing patents for blockchain settlements, these players built the rails under their feet. Now they're collecting the tolls.

One cynical footnote: Nothing unites crypto rivals faster than the chance to disrupt bankers who still think 'blockchain, not Bitcoin' is a viable strategy.

TLDR

• Anchorage Digital Bank will issue USDtb as the first GENIUS-compliant stablecoin in the United States.
• USDtb is a yield-bearing dollar token developed by Ethena Labs and backed by BlackRock’s BUIDL and crypto collateral.
• Anchorage Digital Bank will mint and redeem USDtb directly onshore under federal regulatory oversight.
• The GENIUS Act has established the first legal framework for stablecoin issuance in the United States.
• Anchorage Digital Bank’s platform offers turnkey infrastructure for compliant digital dollar distribution.

Anchorage Digital Bank has partnered with Ethena Labs to issue the first GENIUS-compliant stablecoin in the United States. The move introduces USDtb, a yield-bearing token, into the federal regulatory framework for digital assets. Anchorage Digital Bank will now mint and redeem USDtb directly onshore through its secure infrastructure.

USDtb Gains U.S. Regulatory Approval Under Anchorage Digital Bank

Ethena Labs developed USDtb as a synthetic stablecoin backed by BlackRock’s BUIDL and crypto collateral, maintaining its peg near $1. The token circulated offshore since December and reached $1.45 billion in total value locked, per DefiLlama. Anchorage Digital Bank now provides a compliant U.S.-based issuance platform under the GENIUS Act.

Through this integration, Anchorage Digital Bank extends regulated stablecoin access to domestic partners, asset managers, and financial institutions seeking yield-bearing solutions. USDtb’s federal compliance aligns with new rules aimed at standardizing digital dollar offerings. Anchorage Digital Bank positions itself as the first federally chartered entity to offer this kind of stablecoin issuance.

GENIUS, signed into law last week, created the first federal framework for stablecoin issuance, reshaping the regulatory landscape. Anchorage Digital Bank moves quickly to capitalize on the act by supporting compliant digital asset infrastructure. With Anchorage Digital Bank facilitating onshore operations, USDtb enters broader institutional channels.

Anchorage Digital Bank Expands Infrastructure for Regulated Token Issuance

Anchorage Digital Bank designed its platform to mint and redeem stablecoins under federal guidance and with turnkey capabilities. This system allows token issuers like Ethena Labs to distribute compliant digital dollars across platforms. The MOVE supports increased transparency and risk controls for programmable dollar-based instruments.

By enabling secure and regulated issuance, Anchorage Digital Bank enhances trust in onchain financial products. The infrastructure also allows Anchorage Digital Bank to support additional GENIUS-compliant tokens over time. Anchorage Digital Bank’s strategy focuses on scaling compliant digital assets as regulatory clarity emerges.

With the GENIUS Act now active, major institutions show renewed interest in stablecoins backed by federal protections. Anchorage Digital Bank’s role as an issuer strengthens its position among digital finance leaders.