Anchorage, Ethena Launch First U.S. Regulated Stablecoin Under GENIUS Act

CEO and co‑founder of Anchorage Digital, Nathan McCauley, highlighted the significance of the legislation: “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.” He added: “We’re proud to support Ethena in bringing their product to the U.S.—helping deliver even greater transparency and confidence to their partners.”

Ethena Labs, the team behind the offshore stablecoin USDe, brings substantial institutional support and adoption experience to the partnership. CEO Guy Young noted that aligning USDtb with the GENIUS Act is expected to significantly broaden its platform integration and market reach, with Anchorage Digital’s regulatory status providing a solid foundation for secure and scalable expansion.

Ethena is backed by major financial and crypto institutions, including Fidelity, Franklin Templeton, Dragonfly, Binance Labs, Bybit, and OKX, and their USDe product has amassed over $6 billion in total value locked, making it one of the largest USD-pegged crypto assets worldwide.

Anchorage Digital, valued at over $3 billion as of its Series D funding, counts investors such as Andreessen Horowitz, GIC (Singapore’s sovereign fund), Goldman Sachs, KKR, and Visa. The platform also supports institutional services including custody, staking, trading, governance, and settlement, anchored by its U.S. federal charter, a rarity within crypto firms.

The stablecoin launch comes on the heels of Anchorage’s wider strategy to deepen regulated stablecoin infrastructure in the institutional marketplace. In May 2025, Anchorage announced the acquisition of Mountain Protocol, the Bermuda-regulated issuer behind USDM, a yield-bearing stablecoin backed by U.S. Treasuries. As part of the acquisition, USDM minting ceased on May 12 and its holders entered a 30‑day wind‑down period, after which reward rates dropped to zero; holders were encouraged to redeem or swap their tokens accordingly.

Nathan McCauley emphasized that stablecoins are rapidly becoming a foundational element of the digital economy. He described Anchorage’s acquisition of Mountain Protocol as a strategic move aimed at accelerating institutional adoption of stablecoins while reinforcing the company’s commitment to safety, regulatory compliance, and long-term growth in the global digital asset ecosystem.

Demand for regulatory clarity has surged among banks, fintechs, and other institutions looking to adopt digital asset infrastructure with compliance assurances. According to CoinMarketCap, the stablecoin market is currently estimated at around $270 billion and is projected to swell into the trillions of dollars by later this decade if regulatory frameworks solidify, underscoring the importance of GENIUS‑compliant issuance.

Anchorage has also been active beyond issuance and acquisition. The firm is a Gold Partner of the Stablecoin Standard, an industry advocacy group promoting best practices for stablecoin issuance globally. Anchorage’s Head of Stablecoins, Sergio Mello, recently joined its advisory board, signaling the company’s heightened involvement in shaping stablecoin policy and infrastructure standards.

From a product standpoint, USDtb issued through Anchorage is anticipated to offer institutional-grade minting/redemption, custodial settlement, compliance-enforced issuance, and integration into wider banking and payment systems. By issuing under Anchorage’s federal charter, USDtb may enjoy a competitive edge in trust, transparency, and regulatory certainty.

Anchorage Digital and Ethena Labs have together introduced USDtb, the first GENIUS Act, compliant stablecoin issued by a federally chartered crypto bank, marking a significant milestone in the evolution of regulated digital dollars. As stablecoin adoption accelerates, this initiative is poised to redefine how institutions engage with the U.S. dollar on-chain, with transparency, security, and federal oversight at its core.