Case Study: Ethena Labs launches the first federally regulated stablecoin with Anchorage Digital

Ethena Labs launches the first federally regulated stablecoin with Anchorage Digital

Ethena Labs, a major tokenized dollar issuer, needed a partner with the highest regulatory standing to help onshore their USDtb stablecoin and navigate the complex U.S. landscape. They also sought to grow their institutional lending activity but faced a structural gap in DeFi markets that required collateral to move onchain, which created friction for institutions. They partnered with Anchorage Digital for its stablecoin issuance service.

Anchorage Digital Bank, as the first federally chartered crypto bank, provided end-to-end issuance for USDtb, taking over regulatory and technical aspects including reserve and smart contract management. This partnership resulted in the launch of the first federally regulated stablecoin, providing unmatched regulatory clarity and allowing it to scale beyond typical state-level caps. The collaboration expanded with Atlas Collateral Management, enabling Ethena Labs to invest in institutional loans while collateral remained securely in custody, unlocking new institutional demand.

Ethena Labs