Anchorage, Ethena Launch First Clarity for Payment Stablecoins Act-Compliant USDY in U.S

• Anchorage Digital and Ethena Labs launch USDY, the first stablecoin compliant with the U.S. Clarity for Payment Stablecoins Act.
• The move provides a regulated pathway for U.S. institutions to access stablecoins, reducing reliance on offshore providers.

According to reports from Business Wire and Crypto Briefing on July 24, 2025, Anchorage Digital and Ethena Labs have launched USDY, the first stablecoin fully compliant with the Clarity for Payment Stablecoins Act. As the custodian, Anchorage Digital Bank, the only federally chartered crypto bank, creates a clear, regulated pathway for institutions to access stablecoins within the U.S. financial system.

The Clarity for Payment Stablecoins Act, which became law on July 18, 2025, establishes strict regulatory frameworks for stablecoins, including requirements for 1:1 backing with U.S. dollars or short-term Treasuries, monthly reserve disclosures, and federal oversight. As a result, this regulatory clarity eliminates long-standing uncertainties and offers a compliant foundation for stablecoins to function within mainstream finance.

The launch of USDY marks a significant milestone for institutional crypto adoption, as the partnership provides a turnkey solution for U.S. institutions to issue regulated digital dollars, thereby removing their reliance on offshore stablecoin providers. Furthermore, Ethena Labs’ decision to bring its stablecoin operations into a regulated framework reflects the industry’s broader shift toward compliance.

Backed by major financial firms such as Fidelity, Franklin Templeton, and Binance Labs, Ethena Labs already has an established presence in the market. Its existing USDe stablecoin, for instance, has surpassed $3.5 billion in total value locked, showcasing the strong demand for institutional-grade digital dollar systems.

By being the first to create a Clarity for Payment Stablecoins Act-compliant stablecoin, Anchorage and Ethena gain a first-mover advantage, which positions them to attract institutional investors seeking regulatory clarity. In addition, the initiative could increase demand for U.S. Treasury bills as stablecoin reserves expand, ultimately drawing compliance-focused institutional capital into the U.S. market and reshaping decentralized finance liquidity.