Ethena Labs: Launching the first federally regulated stablecoin

About Ethena Labs and USDtb

Ethena Labs is among the largest tokenized dollar issuers globally and one of the fastest-growing protocols in DeFi history. Its partnership with Anchorage Digital currently spans two workstreams: federally regulated stablecoin issuance for USDtb and institutional lending through Atlas Collateral Management.

USDtb is a stablecoin backed by high quality short duration treasury assets including BlackRock’s BUIDL fund. Created with institutional adoption in mind, USDtb is designed to meet the highest standards for security and regulatory compliance.

The challenge

Ethena Labs needed an issuance partner with the highest regulatory standing that could help them onshore USDtb. Their goal was to achieve broad distribution for their stablecoin and drive institutional adoption.

As Ethena looked to grow their stablecoin in the years ahead, they needed a partner who could provide the regulatory clarity required to navigate the evolving U.S. landscape and the GENIUS Act. Nationwide oversight and compliance were essential. Institutions wanted a stablecoin backed by a federally chartered institution, not one constrained by fragmented, state-level licensing.

Ethena also sought to grow its institutional lending activity, but faced a structural gap: most DeFi lending markets require collateral to move directly onchain, a model that works for crypto-native participants but creates friction for institutions that need assets to remain with a qualified custodian and segregated accounts.

The solution: Launching the first federally regulated stablecoin

Anchorage Digital Bank N.A. is the first federally chartered crypto bank approved to issue stablecoins in the U.S. Over the course of five years of maintaining our federal charter, we have built the industry’s leading compliance stack and are equipped to issue stablecoins under the oversight of the Office of the Comptroller of the Currency.

In addition to regulatory leadership, Anchorage Digital Bank brings the security and crypto expertise to serve the world’s leading institutions, with the technical capabilities to manage the issuance process end-to-end on any blockchain.

End-to-end issuance: Anchorage Digital Bank took over the regulatory and technical aspects of USDtb issuance that were previously managed by Ethena Labs, including reserve and smart contract management. This was an extremely complex transition that could only be accomplished by an experienced institution like Anchorage Digital Bank.

Unmatched regulatory clarity: Anchorage Digital Bank’s federally regulated status reduces the operational and legal complexity of navigating multiple regimes at the state level. The clarity provided by federal OCC oversight also lets USDtb scale to meet demand, unlike state issuers that are typically limited to a cap of $10B.

Industry-leading custody: USDtb reserves held in BUIDL are safeguarded under the OCC’s standards for qualified custodians, providing robust bankruptcy-remote protections. Anchorage Digital Bank’s custody also features industry-leading security with quorum-based approvals and hardware security module-based logic (HSMs).

“Onshoring USDtb in partnership with Anchorage Digital Bank marks a pivotal moment not just for Ethena Labs, but for the future of stablecoins under U.S. oversight. Partnering with the first federally chartered crypto bank to bring USDtb to America demonstrates that innovation and regulation can advance together.”  

- Guy Young, Founder and CEO, Ethena Labs

Expansion: Powering institutional onchain lending

Anchorage Digital and Ethena Labs expanded their collaboration through Atlas Collateral Management, setting a new standard for institutional DeFi lending.

Atlas Collateral Management: Anchorage Digital serves as collateral manager for Ethena Labs’ institutional lending activity, enabling Ethena Labs to fund loans while borrower collateral remains securely held in custody at Anchorage Digital rather than deposited onchain. For Ethena Labs, this unlocks the ability to interact with institutional, off-chain demand. For borrowers, it provides access to crypto-native credit without requiring them to abandon existing custody, compliance, and risk management workflows.

Real-time monitoring and controls: Atlas, Anchorage Digital’s secure collateral management and settlement infrastructure, monitors collateral and loan thresholds in real time, supports margin processes, and executes rules-based actions when required. Collateral remains within Anchorage Digital’s custody framework, combining the speed of DeFi with the standards institutions require

“Ethena is building for a future where crypto-native financial products serve increasingly sophisticated institutions. Atlas Collateral Management brings the controls, custody, and operational standards required to support that next phase of growth.”

- Guy Young, Founder and CEO, Ethena Labs

DISCLOSURES

_{Custody, settlement, staking, and governance services are offered through Anchorage Digital Bank National Association (“Anchorage Digital Bank”). Digital asset trading services are provided by Anchorage Hold LLC (“Anchorage Hold”). Agency trading services are offered in New York by Anchorage Digital NY, LLC. BitLicense #0000041. A1 Ltd. is a principal trading business. Anchorage Services, LLC (“Anchorage Services”) is an NFA-registered introducing broker, NFA ID No. 0532710. Anchorage Digital Bank, Anchorage Hold, and Anchorage Services are not registered with the SEC or any state authority as a broker or dealer and are not authorized to engage in the business of the offer, sale, or trading of securities. Anchorage Digital services are offered to institutions and certain high net worth individuals in limited circumstances. Certain trading services are designed and available only for institutions who meet eligibility requirements, including qualification as an Eligible Contract Participant (ECP) under the rules of the U.S. Commodity Futures Trading Commission. For institutions participating in custody, staking, or governance with Anchorage’s Singapore entity, those services are offered through Anchorage Digital Singapore Pte Ltd (“Anchorage Digital Singapore”). Anchorage Digital does not provide legal, tax, or investment advice or private banking services. There can be no assurance that any cryptocurrency, token, coin, or other crypto asset will be viable, liquid, or solvent. No Anchorage Digital communication is intended to imply that any digital asset services are low-risk or risk-free. Digital assets held in custody are not guaranteed by Anchorage Digital and are not subject to the insurance protections of the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC).}

_{‍Stablecoin issuance is conducted by Anchorage Digital Bank National Association (“Anchorage Digital Bank”). Anchorage Digital services are offered to institutions and certain high net worth individuals in limited circumstances, and are not marketed to residents outside of the US.} 

_{Collateral management services offered by Anchorage Innovations, LLC.}

_{Holdings of cryptocurrencies and other digital assets are speculative and involve a substantial degree of risk, including the risk of complete loss. There can be no assurance that any cryptocurrency, token, coin, or other crypto asset will be viable, liquid, or solvent. No Anchorage Digital communication is intended to imply that any digital asset services are low-risk or risk-free. Digital assets held in custody are not guaranteed by Anchorage Digital and are not subject to the insurance protections of the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC). Anchorage Digital Bank National Association offers fiat custody services through the use of an FDIC-insured, licensed sub-custodian.}