Anchorage Digital, a digital asset bank, recently announced the launch of a stablecoin issuance platform, and worked with Ethena to introduce USDtb, originally issued offshore, into the United States, making it the first compliant payment stablecoin that fully complies with the GENIUS Act. This move symbolizes the advent of the era of compliant stablecoins, and it is also expected that more traditional institutions will participate in the layout.
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ToggleAnchorage is a compliant stablecoin issuance platform, and Ethena has become a designated partner
As one of the few licensed crypto banks in the United States, Anchorage Digital recently announced the launch of its own fully regulated stablecoin issuance platform focused on institutional business, and named stablecoin protocol developer Ethena as its first partner.
According to the announcement , Anchorage will assist Ethena in promoting the issuance of its US dollar stablecoin USDtb in the United States, making it the first payment stablecoin to operate legally under the framework of the GENIUS Act.
Due to regulatory reasons, USDtb was originally a synthetic dollar asset issued only outside the United States, with 90% of its reserves coming from BlackRock's tokenized U.S. bond fund BUIDL. This cooperation will further expand its transparency, stability and institutional acceptance.
Anchorage emphasized: “Clarity in regulation provides financial institutions with a clear compliance path, which will help accelerate the implementation of stablecoins in the traditional financial system.”
Ethena: USDtb will become the preferred stablecoin for institutional adoption
Ethena stated at X that through cooperation with Anchorage, USDtb will become a payment stablecoin under US regulation and provide institutional users with a highly compliant, transparent and programmable digital dollar option, making USDtb the first choice for institutional investment, payment applications and settlement and clearing businesses.
Last month, the project just cooperated with financial services provider Securitize to open an instant and seamless exchange channel between USDtb and BlackRock BUIDL Fund, showing that traditional institutions highly favor Ethena.
( Securitize and Ethena Labs open 24/7 atomic swap channel between BUIDL and USDtb )
The GENIUS Act fills the regulatory gap, and financial giants rush in
The turning point GENIUS Act (commonly known as the Stablecoin Act) was recently signed into law by President Trump, providing a complete regulatory framework for the issuance and operation of stablecoins, which quickly attracted the attention and follow-up of crypto and traditional financial institutions.
PNC Bank subsequently announced a partnership with Coinbase to provide crypto asset custody and trading services to its customers; Western Union, the leading cross-border remittance company, also revealed that it is working on integrating stablecoins to enhance cross-border remittance efficiency. Asset management company WisdomTree quickly announced that it would rebrand its stablecoin USDW to meet the compliance requirements of the bill.
Bank of America: Stablecoin market to expand by $75 billion
According to a report by Bank of America (BofA), with the implementation of the GENIUS Act, the supply of stablecoins is expected to increase by $25 billion to $75 billion in 2 to 3 years. The driving forces behind this include regulatory clarification, product launches, infrastructure investment, and competition from tokenized deposits and money market funds.
The total market value of stablecoins globally is currently around $265.4 billion. In the next few years, as more crypto legislation such as the CLARITY Act comes into force, BofA is expected to further integrate and expand. The report points out that many banks have begun planning their own stablecoin issuance strategies and are expected to participate in a consortium model to share compliance risks.
BofA CEO Brian Moynihan also revealed that the bank has completed its stablecoin layout and will officially launch it into the market when the time is right.
Compliant stablecoins become a new battlefield in the US financial sector
The compliant stablecoin platform launched by Anchorage and Ethena not only represents technological innovation, but also symbolizes the feasibility of integrating crypto projects with traditional finance. From the US government providing a legal framework to banks and payment giants actively deploying, stablecoins are leaping from the gray area to the core of global financial infrastructure.
In the coming years, as the CLARITY Act fills in the key gap in the division of regulatory responsibilities for crypto assets, the United States will be better able to lead this wave of global financial blockchain trends.
Risk Warning
Cryptocurrency investment carries a high degree of risk. Its price may fluctuate drastically and you may lose all your capital. Please assess the risk carefully.
Since the introduction of the concept of the US stablecoin bill "GENIUS Act" to the finalization of legislation, the Trump administration has continued to praise the bill. US Treasury Secretary Scott Bessent even said in an interview that the stablecoin market size has the opportunity to exceed 2 trillion US dollars in the future. However, JPMorgan Chase told Bloomberg on July 24 that the current infrastructure supporting stablecoins is not complete enough and believes that the prediction of a market size of "2 trillion US dollars" is a bit too optimistic.
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ToggleThe US Treasury Secretary launched a 2 trillion-dollar stablecoin, and JPMorgan Chase said it was "too optimistic"
U.S. Treasury Secretary Benson said at a Senate hearing on June 11:
“Assuming that the stablecoin market is supported by clear legislation, the market size is expected to exceed $2 trillion within three years, thereby creating trillions of dollars in demand.”
According to data , the current market value of stablecoins is $270 billion. According to Bessant, the market size will grow nearly 7.5 times in three years. However, JPMorgan Chase said that this statement is "a bit too optimistic" and pointed out:
“Since the infrastructure and ecosystem supporting stablecoins are not mature enough and need more time to be perfected, it is hard for us to believe that the size of the stablecoin market can expand significantly to this number in just a few years.”
Stablecoins subvert the traditional financial system? They account for less than 1% of global financial flows
JPMorgan Chase reminds that although stablecoins are touted as being able to subvert the traditional financial system, allowing cross-border transactions to be completed instantly and providing 24-hour services, in fact, stablecoins account for less than 1% of global financial flows, and there is still a long way to go to really shake up the financial system.
JPMorgan Chase added that the market value of stablecoins has indeed grown a lot in recent years. Tether's USDT and Circle's USDC alone have a combined market share of more than 60%, but this is still far from the scale of 2 trillion US dollars. According to the current growth trajectory, the market will at most double or triple.
Stablecoins have an awkward positioning, they are only used for transfer and have no additional benefits
JPMorgan Chase said that although stablecoins claim to be able to bypass credit card intermediaries, which is cost-saving and convenient for merchants, they are actually not very attractive to ordinary consumers because stablecoin issuers can use their reserves to buy U.S. bonds or deposit them in banks to earn interest income, but for users, it is only convenient for "transfers" and there are no additional benefits.
JPMorgan Chase said bluntly:
“Whether it is retail investors or institutions, cash is still their most stable source of liquidity, and they will not use stablecoins completely as cash in the short term.”
GENIUS temporarily eliminates regulatory concerns, but infrastructure still needs to be strengthened
Just last week, the stablecoin bill "GENIUS Act" was officially signed into law by Trump, temporarily eliminating the U.S. crypto industry's concerns about domestic regulation. The U.S. Treasury Secretary also praised it as an important step in boosting global demand for the U.S. dollar.
But even though regulatory issues seem to eliminate uncertainty, JPMorgan remains conservative about stablecoins, believing that the infrastructure still needs time to be strengthened and the market cannot grow explosively in an instant.
Risk Warning
Cryptocurrency investment carries a high degree of risk. Its price may fluctuate drastically and you may lose all your capital. Please assess the risk carefully.
