Crypto Bank Anchorage Teams Up With Ethena to Issue Regulated Stablecoin in US

The only federally chartered cryptocurrency bank in the United States is moving to capture market share in the regulated stablecoin sector through a new partnership with decentralized finance protocol Ethena Labs.

Anchorage Digital announced Thursday it will issue Ethena's USDtb token domestically, transitioning the offshore stablecoin to US regulatory oversight under the recently passed GENIUS Act framework.

The deal marks Anchorage Digital's entry into direct stablecoin issuance after building what it describes as a turnkey platform for institutions. The bank's federal charter provides regulatory advantages as traditional financial companies seek compliant digital dollar alternatives.

USDtb currently operates outside US jurisdiction alongside Ethena's larger synthetic stablecoin USDe. Moving the treasury-backed token onshore could open access to American institutional clients previously restricted by compliance requirements.

"The passage of the GENIUS Act provides the regulatory clarity that enables federally regulated institutions like Anchorage Digital Bank to fully participate in the stablecoin ecosystem," CEO Nathan McCauley said.

Ethena CEO Guy Young positioned the partnership as essential for scaling institutional adoption, suggesting GENIUS compliance will enable partners to "confidently and significantly expand" usage across new platforms.

The collaboration reflects growing competition among regulated entities to capture stablecoin market share as federal oversight creates clearer operating rules. Established players like Circle and potential entrants like Tether are all positioning for the new landscape.

For Anchorage, issuing stablecoins represents a natural extension of its custody and trading services for institutional clients. The bank has built its business around serving as a regulated bridge between traditional finance and digital assets.

The partnership could establish a template for other offshore stablecoin projects seeking pathways to US markets through federally regulated partners. Several international token issuers face similar compliance challenges accessing American institutional capital.

Stablecoin adoption has accelerated across corporate treasury management and cross-border payments, with regulated variants becoming increasingly important for risk-conscious institutions. Federal oversight may further accelerate mainstream integration by addressing regulatory uncertainty that has limited adoption.