Anchorage Digital has announced a partnership with Ethena Labs to bring a GENIUS Act compliant stablecoin to the United States. The collaboration will see USDtb, currently issued offshore from the British Virgin Islands, reissued domestically through Anchorage Digital Bank.
The move positions USDtb among the early stablecoins designed to meet requirements under the recently enacted GENIUS Act, which establishes federal regulations for stablecoin issuance. Unlike Ethena’s primary token USDe, which relies heavily on derivatives strategies and carries a market capitalization approaching $7 billion, USDtb functions as a payment-focused stablecoin backed primarily by traditional assets.
USDtb currently maintains a market capitalization exceeding $1.4 billion, with BlackRock’s BUIDL tokenized fund comprising approximately $1.1 billion of its reserves and USDC making up most of the remainder. The stablecoin’s asset backing marginally exceeds its circulating supply.
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