Ethernalabs and Anchorage Digital Join Forces to Launch Regulatory-Compliant USDtb Stablecoin in the U.S. Market

Ethernalabs and Anchorage Digital have wasted no time responding to the newly enacted GENIUS Act, unveiling plans to launch the USDtb stablecoin in the United States. Announced just a week after the landmark legislation was signed into law, this joint initiative positions USDtb as the first stablecoin designed to comply fully with the new regulatory framework. The move is set to stir competition in the rapidly evolving stablecoin market.

USDtb Stablecoin Debuts Through the Strategic Partnership Between Ethernalabs and Anchorage Digital

On October 24, Ethernalabs partnered with Anchorage Digital, the first federally chartered digital asset bank in the U.S., to roll out the USDtb stablecoin domestically, according to CoinGape. USDtb, which is currently issued outside the U.S. with a market cap of under $150 million, aims to establish a strong foothold locally by aligning with the GENIUS Act’s compliance criteria. This approach intends to appeal to institutional investors by boosting trust and adoption.

Significantly, USDtb marks the first stablecoin to be issued through Anchorage Digital’s stablecoin issuance platform in the United States. Anchorage is set to expand its platform to support other institutions aiming to create stablecoins that meet stringent regulatory standards.

Speaking on the project, Nathan McCauley, CEO of Anchorage Digital, remarked, “We are proud to support Ethernalabs in bringing their product to the United States. As stablecoins become critical components of modern financial infrastructure, it’s imperative that they are built on a foundation of compliance, safety, and sustainability.”

GENIUS Act Redefines Stablecoin Standards in the U.S. Financial Sector

The GENIUS Act is widely expected to transform the U.S. stablecoin ecosystem. This groundbreaking legislation provides a comprehensive regulatory framework allowing banks and authorized issuers to release stablecoins officially. Key provisions include the requirement for stablecoins to be fully collateralized with cash and short-term U.S. Treasury securities on a 1:1 basis, ensuring robust consumer protection standards.

McCauley also emphasized the broader significance of this legislative development, stating, “The passage of the GENIUS Act offers federally regulated entities like Anchorage Digital Bank a clear pathway to full participation in the stablecoin market.”

Rising Competition: Tether, JPMorgan, and Bank of America Enter the Stablecoin Space

The launch of USDtb intensifies an already competitive U.S. stablecoin market. Tether, for instance, has signaled its intent to release a new, U.S.-oriented stablecoin, setting itself up as a direct competitor to Circle’s USDC. Meanwhile, JPMorgan and Bank of America are reportedly in advanced stages of developing their own stablecoin solutions. Since the GENIUS Act’s enactment, several traditional financial institutions and fintech firms have begun crafting plans to establish a foothold in this burgeoning market.

The collaboration between Ethernalabs and Anchorage Digital is seen as a potential game-changer, symbolizing the emergence of a new era where regulatory-compliant stablecoins play a pivotal role in the financial ecosystem. This partnership reflects the growing demand for compliance-focused digital assets, further solidifying the United States as a key player in the global stablecoin landscape.