Anchorage Digital Bank has started offering rewards on the USDtb stablecoin. It recently entered into a partnership with Ethena Labs for the bank to act as the new issuer for the existing stablecoin backed by US Treasuries. With the GENIUS Act prohibiting the payment of interest by the issuer, the question is: how would this work?
Firstly, Anchorage is offering “rewards” not “interest”. And while Anchorage Digital Bank will be the stablecoin issuer, Anchorage Digital Neo will be responsible for rewards.
“With USDtb minting, redemptions, and stablecoin rewards available through Anchorage Digital, we’re accelerating the adoption of safe and trusted stablecoins at global scale,” said Nathan McCauley, CEO and Co-Founder, Anchorage Digital.
This rewards structure navigates the GENIUS Act’s clause prohibiting interest payments, which was intended to protect conventional banks from deposit flight. The Treasury is responsible for formulating detailed regulations based on the Act, and one of the questions in its recent consultation related to the interest clause. It specifically asked about indirect payments, showing it is aware of this issue. According to the legislation, the Treasury rules need to be finalized by July 18, 2026. To allow for sufficient public comment, agency analysis, and final publication, the draft rules will need to be published in early 2026.
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