USDtb: Anchorage Digital’s Federally Regulated Stablecoin Marks a Turning Point in Crypto Banking
Anchorage Digital—the first crypto‑native bank with a U.S. national trust charter—has launched USDtb, a fully regulated, Treasury‑backed stablecoin built with Ethena Labs. The announcement follows months of preparation to bring a compliant, on‑chain dollar to institutional finance.
USDtb at a Glance
According to Anchorage’s announcement, USDtb has been issued in the U.S. by Anchorage Digital Bank, with Ethena Labs providing technology and market infrastructure. The coin is designed as an institutional stablecoin with reserves primarily in tokenized U.S. Treasury fund products, including BlackRock’s BUIDL Fund, and is documented in the Ethena USDtb docs and the dedicated USDtb documentation portal.
Live reserve and supply data are available on USDtb’s transparency page. Earlier background on the Anchorage–Ethena collaboration is in their July announcement: “Anchorage Digital Partners with Ethena Labs to Launch the First GENIUS‑Compliant, Federally Regulated Stablecoin.”
Why This Launch Matters
- On‑chain money with bank‑grade guardrails. Anchorage issues USDtb under a U.S. national trust bank charter, bringing stablecoins into the federal supervisory perimeter.
- Treasury‑backed design. Reserve assets are short‑duration, tokenized U.S. Treasuries—aimed at institutional risk standards. Reference: USDtb overview, structural design.
- Programmable settlement. Ethena and Securitize enabled 24/7 atomic swaps between USDtb and BlackRock’s tokenized fund units, improving liquidity primitives for institutions.
Anchorage Digital: From First to Proven
Founded in 2017 by Diogo Mónica and Nathan McCauley, Anchorage built a platform for institutional custody, settlement, staking, and governance. In January 2021, the OCC conditionally approved Anchorage’s conversion to a national trust bank—an industry first for a crypto‑native company.
In April 2022, the OCC issued a consent order addressing AML/BSA deficiencies. After substantial remediation, the OCC terminated the order in August 2025, a milestone Anchorage summarized here: “From First to Proven.”
Anchorage has also partnered with traditional finance leaders. Notably, in March 2021, Visa’s USDC settlement pilot ran with Anchorage as settlement agent, corroborated by Reuters reporting.
For Institutions Evaluating USDtb
- Review issuance and reserve mechanics: USDtb docs & transparency.
- Assess regulatory posture via OCC charter approval and termination order.
- Context on Anchorage’s prior collaboration with Ethena: GENIUS‑compliant launch announcement.