Anchorage Digital Bank announced it has onshored Ethena Labs’ USDtb, the first stablecoin to operate under direct U.S. federal oversight. The launch establishes Anchorage Digital as the sole issuer of USDtb, bringing the stablecoin fully under the supervision of the Office of the Comptroller of the Currency (OCC).

The “made-in-America” stablecoin is designed for federal compliance and is built to circulate transparently within the U.S. financial system. The development follows a partnership announced earlier this year between Anchorage Digital and Ethena Labs, focused on integrating regulated stablecoin infrastructure into mainstream banking channels.

“Today we are breaking new ground by launching America’s first federally regulated stablecoin issued from Anchorage Digital Bank,” said Nathan McCauley, co-founder and CEO of Anchorage Digital. “This marks a defining moment in onshoring stablecoin innovation and advancing U.S. leadership in the digital age.”

The team’s release, shared with Bitcoin.com News, said that the milestone also represents the first time a major stablecoin—nearly $2 billion in market capitalization—has transitioned to a new issuer. The handoff from Ethena Labs to Anchorage Digital followed extensive collaboration to ensure a secure and orderly migration process.

Anchorage Digital built the foundation for this initiative through its acquisition of Mountain Protocol and by developing a turnkey, federally regulated platform for minting, redeeming, and managing stablecoin issuance. USDtb’s reserves are primarily invested in Blackrock’s tokenized U.S. Treasury fund, BUIDL, making Anchorage one of the leading institutional holders of BUIDL tokens.

Guy Young, founder of Ethena Labs, said the partnership demonstrates that innovation and regulation “can advance together,” calling it a pivotal moment for the future of stablecoins in the U.S.

With USDtb’s launch, Anchorage Digital positions itself as the go-to platform for institutions seeking compliant stablecoin issuance, settlement, and treasury management—all under federal regulation.

• What is USDtb?
  USDtb is America’s first federally regulated stablecoin, issued by Anchorage Digital Bank in partnership with Ethena Labs.
• Who regulates USDtb?
  USDtb operates under the oversight of the U.S. Office of the Comptroller of the Currency (OCC).
• Where are USDtb reserves held?
  Reserves are primarily invested in BlackRock’s tokenized U.S. Treasury fund, BUIDL.
• Who is the sole issuer of USDtb?
  Anchorage Digital Bank is now the exclusive issuer of USDtb in the United States.

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