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Anchorage Digital, a digital asset service provider aimed at institutional clients, proclaimed the debut of a stablecoin issuance platform on Thursday, collaborating with synthetic dollar and stablecoin issuer Ethena as its inaugural partner.
The enterprise will initiate the launch of Ethena’s USDtb stablecoin in the United States, following an announcement made on Thursday. At present, USDtb is issued overseas.
Releasing USDtb in the US will render the stablecoin completely compliant under the GENIUS stablecoin regulation, which was enacted by US President Donald Trump in July.
Teresa Cameron, group chief financial officer at payments firm Clear Junction, stated that the GENIUS framework offers the regulatory clarity necessary for financial institutions to feel secure utilizing digital fiat tokens. She remarked:
“Stablecoins provide what traditional systems can’t: instantaneous settlement, round-the-clock availability, and greater transparency. What began as a niche innovation is now evolving into vital infrastructure as regulated actors search for alternatives to SWIFT and other old networks.”
The enactment of the GENIUS Act is seen as a pivotal moment for the cryptocurrency sector, eliminating the regulatory ambiguity that previously hindered financial institutions from issuing, possessing, and offering stablecoin services in the United States.
Related: Surge in RWA tokenization anticipated after the passing of GENIUS Act — Aptos executive
Conventional financial institutions enter the stablecoin arena
The signing of the GENIUS Bill was attended by executives from the crypto sector, including representatives from Anchorage Digital, and numerous traditional financial organizations have unveiled stablecoin initiatives since the bill was signed.
PNC Bank declared a partnership with Coinbase on Tuesday to provide crypto services to clients, which include custody and the capacity to trade digital assets.
Money transmission service Western Union is also investigating stablecoin integrations and collaborations with tokenization firms to modernize its operations. Western Union is a significant competitor in the cross-border remittance sector.
“We perceive stablecoins as an opportunity, not a danger,” Western Union CEO Devin McGranahan informed Bloomberg on Monday.
Asset manager WisdomTree revealed a rebranding of the USDW stablecoin on Monday after the enactment of the GENIUS Act.
Magazine: Crypto aimed to topple banks, now it’s becoming them in the stablecoin battle
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