Author：Encryption Jianghu
Key Takeaways
Why does the Anchorage transition matter?
It marks the first time a DeFi-native stablecoin, such as USDtb, has come under U.S. federal banking oversight.
How does it differ from USDT and USDC?
Unlike offshore USDT, USDtb is issued under a U.S. bank charter, and unlike USDC, it’s directly tied to short-term Treasuries.
In a major shift for the U.S. stablecoin landscape, Anchorage Digital Bank N.A. has officially taken control of the Ethena USDtb smart contract. This marks the first onshoring of a Treasury-backed stablecoin under the federal GENIUS Act framework.
The transition, completed today, moves control of USDtb from Ethena Labs to Anchorage. The move turns what began as a DeFi-native product into a federally regulated payment stablecoin.
Anchorage steps in: From synthetic yield to banking oversight
The move represents a strategic pivot for Ethena Labs, which launched USDtb in early 2025 as part of its synthetic dollar system.
Initially, USDtb was backed by delta-neutral positions and Treasury yield exposure, designed to provide DeFi users with stable returns that mimicked traditional bonds.
Now, with Anchorage assuming control, USDtb joins the ranks of “covered stablecoins” — tokens issued by federally chartered banks that must maintain full 1:1 reserve backing, have clear redemption processes, and adhere to transparent auditing standards.
Anchorage also confirmed that U.S. Bank will act as the custodian for the reserves. Furthermore, issuance and redemption operations will run under its OCC-regulated framework.
What the transition means for Ethena and stablecoin regulation
The Anchorage transition aligns USDtb with the GENIUS Act. The Act allows U.S. banks to issue digital dollar tokens under federal supervision.
It also marks the first time a DeFi-origin stablecoin has been brought fully onshore. This signals growing regulatory confidence in bridging decentralized and traditional finance.
Additionally, the move was made to ensure long-term scalability, regulatory certainty, and integration with institutional payment systems.
For Anchorage, the deal solidifies its role as a compliance-first stablecoin issuer, ahead of expected competition from fintech-bank hybrids such as PayPal’s PYUSD and Circle’s USDC.
A new challenger to USDT and USDC
USDtb’s onshoring comes amid renewed scrutiny of offshore stablecoins like Tether’s USDT, which dominate global trading but lack U.S. regulatory clarity.
By contrast, USDtb, now under Anchorage’s oversight, offers Treasury-backed reserves, federal banking compliance, and a transparent reporting structure.
The move could make USDtb one of the most institutionally friendly stablecoins, potentially challenging USDC’s dominance in regulated markets.
