Anchorage Digital, an institutionally-focused digital asset service provider, announced the launch of a stablecoin issuance platform on Thursday, tapping synthetic dollar and stablecoin issuer Ethena as its first partner client.
The company will launch Ethena’s USDtb stablecoin in the United States, according to an announcement made on Thursday. Currently, USDtb is issued offshore.
Issuing USDtb in the US will make the stablecoin fully compliant under the GENIUS stablecoin regulation, signed into law by US President Donald Trump in July.
Teresa Cameron, group chief financial officer at payments company Clear Junction, said the GENIUS framework provides the regulatory clarity to make financial institutions comfortable with using digital fiat tokens. She added:
“Stablecoins deliver what legacy systems cannot: real-time settlement, 24/7 availability, and enhanced transparency. What started as niche innovation is now becoming essential infrastructure as regulated players seek alternatives to SWIFT and other legacy networks.”
The passage of the GENIUS Act is considered a watershed moment for the crypto industry, and it removed the regulatory uncertainty stopping financial institutions from issuing, holding, and providing stablecoin services in the United States.
Related: Boom in RWA tokenization expected after passing of GENIUS Act — Aptos exec
Traditional financial institutions pile into the stablecoin game
The signing of the GENIUS Bill was attended by crypto industry executives, including those from Anchorage Digital, and several traditional financial firms have announced stablecoin plans since the bill was signed.
PNC Bank announced a partnership with Coinbase on Tuesday to offer crypto services to clients, including custody and the ability to buy and sell digital assets.
Money transmission service Western Union is also exploring stablecoin integrations and partnerships with tokenization firms to modernize its business. Western Union is a major player in the cross-border remittance market.
“We see stablecoins really as an opportunity, not as a threat,” Western Union CEO Devin McGranahan told Bloomberg on Monday.
Asset manager WisdomTree announced a rebrand of the USDW stablecoin on Monday following the passage of the GENIUS Act.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in the stablecoin fight
