Ethena jumps following partnership with Anchorage to launch USDtb stablecoin under GENIUS framework

Ethena (ENA) rallied 5% on Thursday after the stablecoin developer announced a partnership with Anchorage Digital to launch its USDtb stablecoin in the US.

Ethena plans to launch USDtb stablecoin in the US as regulatory fog clears

Digital asset platform Anchorage Digital announced a partnership with decentralized finance (DeFi) protocol Ethena to issue its USDtb stablecoin in the US, according to a press release on Thursday.

The parties claim that the move will register USDtb as the first legally compliant US Dollar-pegged cryptocurrency since President Trump signed the GENIUS bill on Friday. It will also be the first to leverage Anchorage Digital's platform for launching stablecoins, which it claims is the "turnkey solution" for institutions to roll out regulated, USD-backed digital assets. 

"The passage of the GENIUS Act provides the regulatory clarity that enables federally regulated institutions like Anchorage Digital Bank to fully participate in the stablecoin ecosystem. We're proud to support Ethena in bringing their product to the US," said Nathan McCauley, CEO and Co-Founder of Anchorage Digital, in the press release.

Under the new agreement, USDtb will be launched by Anchorage Digital Bank, the only crypto-native financial institution to receive a charter from the US Office of the Comptroller of the Currency (OCC).

Crypto firms like Ripple, Circle and BitGo have applied for similar US national trust bank charters from the OCC, looking to join Anchorage Digital as crypto gains wider acceptance in the US. If approved, the companies will be permitted to offer a wider range of financial services.

The move follows growing demand for stablecoins among top financial institutions, including J.P. Morgan, Charles Schwab, Morgan Stanley, Goldman Sachs and Citigroup. Executives from these firms have publicly disclosed plans to launch stablecoin initiatives.

The stablecoin market cap stands at $270.4 billion at publication time, according to CoinGecko data. Several analysts have shown high enthusiasm for stablecoins, projecting that they would reach $2 trillion by 2028. However, analysts from JPMorgan lowered their earlier forecasts, stating that they expect the sector to double its current market cap by the same timeframe.

ENA could retest the resistance at $0.59

ENA defied the wider crypto market correction and is looking to stage a recovery above the $0.47 resistance after rising 5% in the past 24 hours.

ENA/USDT daily chart

This comes as the Relative Strength Index (RSI) looks set to bounce off its moving average line. A firm recovery in the RSI into the overbought region could see ENA retest the resistance near $0.60. A move above this level could see the altcoin stretch its uptrend toward the $0.70 resistance.

On the downside, ENA could find support near the 20-day and 50-day Exponential Moving Averages (EMAs).