As a result of a recent partnership between Anchorage Digital and Ethena Labs, the USDtb has been launched in the US—the first stablecoin in compliance with the new GENIUS Act.
Launch of USDtb and Its Significance
USDtb has become the first stablecoin to be launched in accordance with the GENIUS Act, which has recently been approved. This stablecoin will be issued via Anchorage Digital Bank, the only federally chartered crypto bank in the US. The GENIUS Act provides a clear regulatory framework, easing the integration of stablecoins into the US financial system.
Statements from Company Leaders
Anchorage Digital's CEO Nathan McCauley highlighted the significance of this partnership: "We’re proud to support Ethena in bringing their product to the U.S.—helping deliver even greater transparency and confidence to their partners." Ethena Labs CEO Guy Young also expressed confidence in the success of their collaboration, emphasizing that this move will boost the confidence of partners and users.
Impact of the GENIUS Act on the Stablecoin Market
The GENIUS Act introduces strict reserve and audit requirements, which have already led to a $4 billion increase in stablecoin capitalization since its passage. Major financial institutions such as Bank of America are expressing interest in issuing stablecoins following the enactment of the GENIUS Act, indicating significant changes in this area.
The launch of USDtb underscores the importance of adhering to regulatory standards for cryptocurrencies. The success of the partnership between Anchorage Digital and Ethena Labs may serve as an example for other market players looking to adapt to new conditions.
