Anchorage Digital avduker belønningsprogram for Ethenas stablecoins

In a significant development for the stablecoin sector, Anchorage Digital has announced plans to introduce a rewards program for holders of Ethena's USDtb and USDe tokens. This initiative aims to provide institutional investors with incentives on their idle holdings without directly offering yields, ensuring compliance with stringent US laws governing stablecoins.

According to details shared in a press release, the rewards will be distributed through a separate entity, Anchorage Digital Neo Ltd., to avoid violating the GENIUS Act. Passed earlier this year, the GENIUS Act establishes a regulatory framework for stablecoins, explicitly prohibiting issuers from paying interest to prevent them f rom engaging in unregulated banking activities.Instead of direct yields, Anchorage will fund the rewards itself, allowing holders to earn benefits without staking or locking their assets, which enhances flexibility in treasury management.

Ethena's USDtb is a tokenized stablecoin backed by short-term US Treasuries, including assets from BlackRock’s tokenized money market fund.Meanwhile, USDe functions as a synthetic dollar, collateralized by spot crypto assets like Bitcoin and Ether, paired with short futures positions to maintain its $1 peg. This structure has positioned Ethena as a key player in decentralized finance (DeFi), with USDe often used for yield-generating strategies.

An Anchorage spokesperson emphasized the program's security: "Both the underlying stablecoins and associated rewards are safeguarded by our industry-leading custody and security architecture. We provide our rewards program through an entity wholly separate from Anchorage Digital Bank."

Ethena Labs founder Guy Young added, "We are proving that stablecoins can deliver both rewards and regulatory integrity, a powerful combination that will define the next era of participation in digital assets."

This move builds on Anchorage's earlier milestones. In July 2025, the firm partnered with Ethena to issue USDtb as the first stablecoin compliant with the GENIUS Act, marking Anchorage Digital Bank as the inaugural federally chartered stablecoin issuer in the US.By October, USDtb was officially launched, emphasizing full regulatory adherence with clear rules on issuance, reserves, and redemptions.Social media buzz, including posts from Anchorage's official account, highlights the "onshoring" of USDtb as a step toward institutional-grade legitimacy in the US market.

Industry observers note that this rewards model could serve as a blueprint for other US-based issuers, enabling them to offer value to token holders while staying within legal bounds.However, some reports question claims of being the "first" GENIUS-compliant stablecoin, pointing out that established tokens like USDC already align with similar standards.

As stablecoins continue to bridge traditional finance and crypto, initiatives like this underscore the growing emphasis on regulatory compliance amid increasing institutional adoption. Ethena's ecosystem, including integrations with platforms like Hyperliquid for yield-bearing opportunities, further amplifies the potential impact.With the crypto market evolving rapidly, this program could attract more capital to regulated stablecoin products, potentially reshaping how yields are distributed in DeFi.