Anchorage Digital, the first federally chartered crypto bank in the United States, has teamed up with Ethena Labs to launch USDtb, marking the debut of a stablecoin in compliance with the GENIUS Act, which was enacted on July 18, 2025. This significant legislation introduces strict standards for stablecoin issuance, requiring federal oversight by the Federal Reserve.
First GENIUS Act-Compliant Stablecoin
USDtb is a stablecoin with a market cap of $1.45 billion. Previously issued offshore, it will now be created and exchanged in the United States using Anchorage’s special platform, which improves its credibility. USDtb is mainly backed by BlackRock’s BUIDL tokenized fund, consisting of $1.1 billion in U.S. Treasury bills and USDC.
This backing allows USDtb to maintain its $1 value by using both cryptocurrency and traditional assets. Launched in December 2024 with Securitize, USDtb is a stablecoin that earns interest. It is intended for payments, managing funds, and use in DeFi applications.
This sets it apart from Ethena’s synthetic stablecoin, USDe, which has a market cap of $7 billion. Anchorage is working with other companies to help USDtb become a strong competitor against major stablecoins like USDC, which is worth $64 billion, and USDT, valued at $162 billion.
Nathan McCauley, the CEO of Anchorage, stressed that the GENIUS Act is crucial because it gives clear rules for safely issuing digital dollars.
Guy Young, the CEO of Ethena, believes there is a strong demand for USDtb and that its compliance with regulations will help it gain acceptance in various financial products.
Stablecoins Gain Regulatory Recognition
Recent market trends indicate a shift toward regulatory compliance. Tether is working on a U.S.-compliant stablecoin, while WisdomTree has introduced USDW, a tokenized stablecoin backed by government funds. New regulations like the GENIUS Act and STABLE Act impose strict rules on reserves and audits, encouraging innovation and consumer protection, and attracting more companies to the U.S. markets.
This partnership signifies a key turning point in digital finance, with Anchorage and Ethena establishing a new benchmark for the compliant issuance of stablecoins. Focused on institutional use cases and backed by significant assets and federal compliance, USDtb is poised to capture a notable share of the market.
