Ethena Labs is bringing its USDtb stablecoin—currently valued at approximately $1.5 billion – into the U.S. market through a new partnership with Anchorage Digital Bank – the first federally chartered crypto bank in the country This move positions USDtb as one of the first U.S.-dollar backed stablecoins to align with the new GENIUS Act federal regulations for payment stablecoins.
Previously launched offshore, USDtb is backed by traditional assets such as BlackRock’s tokenized BUIDL money market fund and USDC, with reserves surpassing its circulating supply. This structure supports transparent redemption, audit-ready reporting, and 1:1 fiat alignment – key requirements under the new regulations. This all adds a fresh layer of regulatory credibility – a key factor for institutional adoption.
Why the Pivot?
Ethena’s earlier product, USDe, is a synthetic stablecoin designed for yield and derivatives exposure, USDtb is purpose-built for payments and settlement, reflecting regulators’ emphasis on reserve clarity and redemption guarantees.
This pivot shows a strong response from Ethena – and perhaps even the industry more widely – to clearer regulations on stablecoins.
For USDtb, partnering with Anchorage doesn’t just help out compliance-wise – as Anchorage already works with major institutions, custodians, and payment providers, bringing USDtb into their ecosystem could open the door to integrations with U.S. financial products, from trading platforms to payment networks.
Greater Than a Single Stablecoin
This move is much greater than USDtb itself – It’s a sign of where the market is headed: a future among regulated, transparent stablecoins that can operate both in DeFi and traditional finance.
USDtb’s U.S. debut marks another step in the professionalization of the stablecoin market, where compliance and transparency are becoming competitive advantages. With Anchorage in the mix, we may see USDtb grow far beyond its current $1.5B market cap as institutional adoption ramps up.
