Ethena Faucets Anchorage to Challenge $1.5B USDtb Stablecoin Beneath GENIUS Act

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Decentralized finance (DeFi) platform Ethena is ready to deliver its $1.5 billion stablecoin to the U.S. market, teaming up with crypto financial institution Anchorage Digital to difficulty the token beneath the brand new stablecoin legal guidelines.

As a part of the partnership the companies announced on Wednesday, federally regulated crypto financial institution Anchorage will difficulty the USDtb token straight within the U.S. beneath the GENIUS Act’s compliance requirements.

That is a transfer away from the token’s present offshore issuance mannequin, a transfer that goals to create a pathway for establishments to carry and use the token inside regulated monetary channels.

“Whereas we’ve already seen sturdy demand for USDtb, we anticipate GENIUS compliance to empower our companions and holders to confidently and considerably develop its use throughout new merchandise and platforms,” Ethena co-founder and CEO of growth group Ethena Labs Man Younger stated in an announcement.

Ethena’s governance token ENA (ENA) is up 9% over the previous 24 hours, outperforming the broader crypto market that noticed many altcoins plunge 5%-10% in a single day. The market benchmark CoinDesk 20 Index was down 1.3% throughout the identical interval.

The transfer comes after President Trump signed the GENIUS Act into regulation final week, a landmark crypto laws that units tips for stablecoins and issuers to function within the nation. Stablecoins are a $250 billion and quickly rising class of cryptocurrencies with their costs anchored to an exterior asset, predominantly to fiat currencies just like the U.S. greenback. Tether, issuer of the most important stablecoin USDT, additionally announced plans to enter the U.S. market beneath the brand new regulation.

USDtb, launched in December, goals to maintain a secure $1 value and is backed predominantly by tokenized cash market fund BUIDL, issued by BlackRock and Securitize. The token at the moment has a $1.45 billion provide on the Ethereum blockchain, per RWA.xyz knowledge. Ethena additionally points the USDe “digital greenback,” a token that generates yield by shorting bitcoin, ether and SOL harvesting funding charges.

Learn extra: Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation



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