Ethena Taps Anchorage to Issue $1.5B USDtb Stablecoin Under GENIUS Act

5 days ago

Decentralized concern (DeFi) level Ethena is acceptable to bring its $1.5 cardinal stablecoin to the U.S. market, teaming up with crypto slope Anchorage Digital to contented the token nether the caller stablecoin laws.

As portion of the concern the firms announced connected Wednesday, federally regulated crypto slope Anchorage volition contented the USDtb token straight successful the U.S. nether the GENIUS Act's compliance standards.

That's a determination distant from the token's existent offshore issuance model, a determination that aims to make a pathway for institutions to clasp and usage the token wrong regulated fiscal channels.

"While we’ve already seen beardown request for USDtb, we expect GENIUS compliance to empower our partners and holders to confidently and importantly grow its usage crossed caller products and platforms," Ethena co-founder and CEO of improvement enactment Ethena Labs Guy Young said successful a statement.

Ethena's governance token ENA (ENA) is up 9% implicit the past 24 hours, outperforming the broader crypto marketplace that saw galore altcoins plunge 5%-10% overnight. The marketplace benchmark CoinDesk 20 Index was down 1.3% during the aforesaid period.

The determination comes aft President Trump signed the GENIUS Act into instrumentality past week, a landmark crypto authorities that sets guidelines for stablecoins and issuers to run successful the country. Stablecoins are a $250 cardinal and rapidly increasing people of cryptocurrencies with their prices anchored to an outer asset, predominantly to fiat currencies similar the U.S. dollar. Tether, issuer of the largest stablecoin USDT, besides announced plans to participate the U.S. marketplace nether the caller law.

USDtb, introduced successful December, aims to support a unchangeable $1 terms and is backed predominantly by tokenized wealth marketplace money BUIDL, issued by BlackRock and Securitize. The token presently has a $1.45 cardinal proviso connected the Ethereum blockchain, per RWA.xyz data. Ethena besides issues the USDe "digital dollar," a token that generates output by shorting bitcoin, ether and SOL harvesting backing rates.

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