Ethena Labs has partnered with Anchorage Digital, the only federally chartered crypto bank in the United States, to launch USDtb, the first stablecoin with a clear compliance path under the newly enacted U.S. GENIUS Act. This partnership enables Ethena's stablecoin to move onshore and become federally regulated, marking a milestone in stablecoin regulation and adoption in the U.S. The USDtb stablecoin, valued at approximately $1.4 to $1.5 billion, is positioned to open new liquidity avenues for startups and financial solutions based on stablecoins. Ethena Labs' token, $ENA, has seen a substantial price increase of 118% in the past month, driven by institutional and whale investors, including Nasdaq-listed StablecoinX, which is purchasing $5 million of $ENA daily aiming to absorb 8% of the supply. The move follows the recent passage of the GENIUS Act, which requires quarterly audits and full dollar backing for stablecoins, encouraging offshore operators like Tether to consider onshore operations. Additionally, Ethena benefits from favorable regulatory developments in Germany, where headwinds from BaFin have eased. This collaboration is viewed as a potential standard for U.S. stablecoin compliance and adoption.