U.S.-based Crypto Bank Anchorage collaborates with Ethena to launch a regulated stablecoin domestically.
In a significant move, Anchorage Digital Bank has announced a new partnership with Ethena Labs, marking its entry into direct stablecoin issuance. The partnership will see Anchorage Digital issue Ethena's USDtb token domestically, making it the first regulated stablecoin to operate under US jurisdiction.
The collaboration reflects growing competition among regulated entities to capture the stablecoin market share. Institutions, including decentralized finance (DeFi) platforms, blockchain ecosystem players benefiting from regulatory clarity such as under the GENIUS Act, and institutional investors driven by increased confidence and adoption in stablecoins, are likely to show interest in collaborating with Ethena Labs, following Anchorage Digital's partnership.
The passage of the GENIUS Act provides regulatory clarity for federally regulated institutions like Anchorage Digital Bank to participate in the stablecoin ecosystem. This Act offers Anchorage Digital Bank regulatory advantages that could further accelerate mainstream integration of stablecoins by addressing regulatory uncertainty.
Anchorage Digital has built a turnkey platform for institutions, and this partnership represents a natural extension of its custody and trading services for institutional clients. The company has built its business around serving as a regulated bridge between traditional finance and digital assets.
The move to bring the USDtb token onshore could open access to American institutional clients. Traditional financial companies are seeking compliant digital dollar alternatives, and regulated stablecoin variants are becoming increasingly important for risk-conscious institutions.
The partnership between Anchorage Digital and Ethena could serve as a template for other offshore stablecoin projects seeking pathways to US markets. Established players like Circle and potential entrants like Tether are positioning for the new stablecoin landscape. Ethena's CEO, Guy Young, sees the partnership as essential for scaling institutional adoption of stablecoins.
The federal oversight of the USDtb token is expected to boost confidence in stablecoins, further accelerating their adoption in corporate treasury management and cross-border payments. USDtb currently operates outside US jurisdiction, but with this partnership, it will be under US regulatory oversight under the GENIUS Act framework. This development is a significant step towards the mainstream adoption of stablecoins in the US.
