Ethena eyes GENIUS-compliant stablecoin with Anchorage Digital partnership

Ethena Labs, the platform behind the Ethena (ENA) cryptocurrency and two stablecoins USDe and USDtb, has announced a strategic partnership with Anchorage Digital to have its USDtb issued in the United States and in compliance with new US stablecoin regulation.

Anchorage, a federally chartered crypto bank, revealed the partnership on Thursday, noting its collaboration with Ethena Labs aims to make USDtb the first stablecoin to become compliant with GENIUS Act. 

Ethena Labs, Anchorage partner after GENIUS Act

The move comes just days after the US witnessed the historic signing into law of America’s first major crypto regulation.

GENIUS aims to promote stablecoin adoption by offering guidelines on issuance and investor protection. Many have hailed the regulation as key to the US becoming the crypto capital of the world.

Several cryptocurrencies rallied amid the news.

With Ethena Labs and Anchorage Digital’s partnership, USDtb, a $1.4 billion stablecoin pegged on the US dollar, will become the first to roll out onshore across the US under GENIUS.

Stablecoin demand rising

The issuance of USDtb will leverage Anchorage Digital’s stablecoin platform and could get a boost for its traction.

Ethena is already backed by top traditional finance and crypto venture firms, including Fidelity, Franklin Templeton, Dragonfly, and Binance Labs.

Rollout in the US will bring more partners into play, with Ethena eyeing growth across the board.

Top stablecoins in the market today are Tether’s USDT, Circle’s USDC and Ethena USDe.

World Liberty Financial USD, First Digital, PayPal USD and Ripple’s RLUSD are the other top US dollar pegged stablecoins.

USDe has seen notable growth over the years, with adoption on the rise.

The Ethena Labs team sees a similar trajectory for USDtb.