US Launch of Anchorage Digital's Stablecoin Issuance Platform
In a significant move for the crypto banking sector, Anchorage Digital has launched a new stablecoin issuance platform, aimed at institutional investors. This platform is designed to position Anchorage Digital as the primary stablecoin issuer for institutional investors.
The new platform's first customer is Ethena Labs, which previously launched the USDtb token overseas. The USDtb token, one of the stablecoins issued by Anchorage Digital Bank, currently has a circulation exceeding $1.45 billion, according to Etherscan data.
The launch of this platform comes following the passage of the GENIUS Act in the U.S., which expanded the Office of the Comptroller of the Currency's (OCC) authority to include non-bank stablecoin issuers. The GENIUS Act establishes a robust regulatory framework for nonbank stablecoin issuers to obtain national licenses, subject to federal or certified state supervision.
Under the GENIUS Act, non-bank stablecoin issuers can apply for federal licenses to become federally qualified payment stablecoin issuers (PPSIs), with regulatory oversight primarily by the OCC for nonbank entities. State-qualified nonbank issuers may alternatively apply for licenses through state regulators if those states have regulatory regimes certified as “substantially similar” to federal standards.
However, a major current restriction for non-bank stablecoin issuance under GENIUS is the prohibition on non-financial corporate issuers (e.g., large tech or retail companies not primarily engaged in financial activities) unless they receive unanimous approval from the Stablecoin Certification Review Committee (SCRC). This restriction aims to prevent undue financial risks from such companies entering stablecoin issuance.
Anchorage Digital Bank is the only active crypto bank regulated by the U.S. Office of the Comptroller of the Currency (OCC) and holding a national trust charter. Following the passage of the GENIUS Act, the application process for federal licenses requires these issuers to identify their primary federal regulator, submit an application that will be reviewed within 120 days, and the application can only be denied if the issuer’s activities are unsafe or unsound, with a written explanation provided for denials and suggestions for improvement. If no decision is made within 120 days, the application is automatically approved.
Ripple, Circle, and BitGo, in addition to Anchorage Digital, have also applied for national licenses following the passage of the GENIUS Act. Nathan McCauley, CEO of Anchorage Digital, stated that the clarification of regulations has brought stability to the sector. The USDtb token will now be issued in the U.S. by Anchorage Digital Bank.
The launch of this new stablecoin issuance platform by Anchorage Digital marks a significant step forward in the crypto banking sector, providing a stable and regulated environment for institutional investors to participate in the growing stablecoin market. With the GENIUS Act in place, we can expect to see more non-bank stablecoin issuers applying for federal licenses and expanding their operations in the U.S. market.
[1] GENIUS Act: An Overview of the New Stablecoin Regulatory Framework for Nonbank Issuers, CoinDesk, 2025. [2] The GENIUS Act: What it Means for Stablecoin Issuers, Forbes, 2025. [3] The GENIUS Act: A Game Changer for Stablecoin Regulation in the U.S., The Block, 2025. [4] The GENIUS Act: A New Era for Stablecoin Issuance in the U.S., Coindesk, 2025.
- Turkey, given its increasing interest in technology and finance, might consider adopting the regulatory framework established by the GENIUS Act, allowing NATO members to foster a stable and regulated environment for institutional investors within their own stablecoin markets.
- As technology companies like Google or Amazon diversify their business portfolios, they could look into opportunities in the stablecoin market, provided they navigate through the approval process by the Stablecoin Certification Review Committee (SCRC), especially since non-financial corporate issuers are now under consideration, under the provisions of the GENIUS Act.
