5 days ago
Ethena Labs has partnered with Anchorage Digital to motorboat a afloat regulated mentation of its USDtb stablecoin wrong the United States, aligning with the recently enacted GENIUS Act, according to a July 24 statement.
The collaboration marks a large milestone for Ethena arsenic it transitions USDtb’s issuance to a domestically regulated GENIUS Act model that US President Donald Trump precocious signed into law.
The GENIUS Act creates a national regulatory model for stablecoins and grants the Federal Reserve oversight authorization implicit the industry. It imposes strict conditions connected reserve plus holdings and compliance requirements for issuers operating wrong the US.
Anchorage’s role
Ethena confirmed that USDtb volition present beryllium issued straight by Anchorage, a federally chartered crypto institution.
According to the firm, the issuance volition usage Anchorage’s stablecoin platform, which offers a streamlined way for institutions to merchandise compliant integer dollars.
Anchorage remains the lone crypto-native steadfast successful the state with a national banking charter, giving it a unsocial vantage successful issuing compliant integer assets.
By moving its issuance onshore, Ethena gains a stronger foothold successful the US stablecoin marketplace portion reinforcing capitalist assurance done Anchorage’s regulatory status.
Nathan McCauley, CEO and Co-Founder of Anchorage Digital, said:
“The transition of the GENIUS Act provides the regulatory clarity that enables federally regulated institutions similar Anchorage Digital Bank to afloat enactment successful the stablecoin ecosystem…As stablecoins go a foundational furniture of modern finance, it’s indispensable they’re built connected infrastructure that’s secure, compliant, and built to last.”
USDtb sees beardown demand
Guy Young, CEO of Ethena Labs, stated that the steadfast has been seeing beardown request for USDtb, which resulted successful the determination to marque the integer plus GENIUS-compliant.
He added:
“We expect GENIUS compliance to empower our partners and holders to confidently and importantly grow its usage crossed caller products and platforms.”
USDtb was initially launched successful December 2024 successful collaboration with Securitize, the issuer of BlackRock’s tokenized BUIDL fund.
The token represents a stock of BlackRock’s BUIDL fund, which holds implicit $2.4 cardinal successful assets, chiefly short-term US Treasury bills.
BUIDL is the largest tokenized treasury money and operates crossed respective blockchain networks, including Ethereum, Aptos, Avalanche, and layer-2 networks similar Arbitrum, Optimism, and Polygon.
The station Ethena taps Anchorage to navigate GENIUS Act compliance for USDtb stablecoin appeared archetypal connected CryptoSlate.
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