Anchorage Digital Bank and Ethena Labs have unveiled USDtb, the first stablecoin fully compliant with the newly enacted GENIUS Act, marking a milestone in U.S. crypto regulation. Anchorage, a federally chartered entity valued at over $3 billion, will handle onshore minting and redemption under federal oversight, providing institutional-grade transparency. USDtb—a yield-bearing token backed by BlackRock's BUIDL fund and crypto collateral—previously operated offshore since December 2024, accumulating $1.45 billion in TVL.
The GENIUS Act, signed into law last week, establishes the first federal framework for stablecoin issuance, reshaping regulatory expectations. Anchorage CEO Nathan McCauley emphasized its significance: "The passage of the GENIUS Act provides regulatory clarity... enabling institutions like Anchorage to fully participate in the stablecoin ecosystem." The partnership facilitates Ethena's U.S. entry with support from institutional backers like Fidelity and Binance Labs.
This development may redirect market liquidity from established stablecoins like USDC and USDT toward compliant alternatives, potentially altering DeFi yields and institutional adoption patterns. Anchorage's turnkey infrastructure positions USDtb as a cornerstone for regulated on-chain finance, with plans to expand support for future GENIUS-compliant tokens.