The crypto-native bank, in a moment of bureaucratic alchemy, will usher Ethena Labs’ USDtb—a yield-bearing synthetic dollar—onto American soil for domestic issuance and redemption, as per a joint proclamation on Thursday. 🧙♂️💸
USDtb, a curious hybrid of BlackRock’s BUIDL fund and crypto collateral, has already captivated offshore investors, amassing a staggering $1.45 billion in total value locked since December. Its arrival on U.S. shores heralds a pivotal era for regulated digital currencies, with Anchorage offering a compliant sanctuary for minting and distributing this token under federal scrutiny. 🚨⚖️
This move coincides with the enactment of the GENIUS Act, the first stablecoin law in the nation, which, in a twist of legislative sorcery, grants banks, fintechs, and asset managers the green light to explore programmable yield-bearing tokens with newfound regulatory clarity. 🗳️🔮
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Anchorage’s CEO, Nathan McCauley, hailed the legislation as a green light for the industry, while Ethena’s CEO, Guy Young, optimistically declared that GENIUS compliance would unlock broader adoption across institutional products and payment networks—though one wonders if the ‘green light’ is merely a flickering bulb in a dark alley. 🚦⚠️
With this launch, Anchorage strides into the stablecoin arena, joining established titans like Circle and PayPal, while outpacing traditional banks such as JPMorgan and Citi, who are still fumbling through the labyrinth of the new legal framework. 🏃♂️🏁
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2025-07-24 21:19