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What Is USDtb?

USDtb (ticker USDTB) is a US dollar stablecoin created by Ethena Labs and issued in the United States by Anchorage Digital Bank. It launched on December 16, 2024 and is designed to be boring on purpose: each token is meant to be worth one dollar because there is roughly one dollar of short-dated US Treasury exposure sitting behind it, not because of any trading strategy. As of mid-July 2026 its market capitalization is roughly 727 million dollars.

The reserves are unusual in one respect. Rather than holding Treasuries directly, USDtb parks over 90 percent of its backing in BUIDL, BlackRock's USD Institutional Digital Liquidity Fund, a tokenized fund managed by BlackRock, tokenized by Securitize, and custodied with BNY Mellon. BUIDL itself holds cash, short-dated US Treasury bills, and repurchase agreements. The remainder of USDtb's backing sits in cash and other tokenized treasury products. That makes USDtb one of the largest holders of BUIDL and gives it the highest BUIDL allocation of any stablecoin. There are no perpetual futures, no hedges, and no dependence on funding rates in USDtb's design.

The most important thing to understand about USDtb is how it differs from USDe, the product Ethena is better known for. USDe is a synthetic dollar: it holds crypto collateral and shorts an equivalent amount of perpetual futures, so the long and short legs cancel out and the net position is worth about a dollar. Its stability comes from a delta-neutral trade, and its yield comes from staking rewards plus futures funding payments. USDtb is the opposite kind of instrument. It is a plain reserve-backed stablecoin with an off-chain pool of treasury assets behind it, closer in structure to USDC or PayPal USD than to USDe. The two coins share a parent but not a mechanism, and they carry very different risks. USDe is exposed to funding rates, exchange counterparties, and hedging execution. USDtb is exposed to reserve custody, the BUIDL fund, and the redemption process.

That contrast is the reason USDtb exists. Ethena's risk committee approved USDtb as a reserve asset for USDe, so when perpetual futures funding rates fall or go negative and the delta-neutral trade stops paying, Ethena can rotate part of USDe's backing out of hedged crypto positions and into USDtb, which simply earns something close to the Treasury bill rate. In effect USDtb is the shock absorber for the rest of the Ethena system, letting the protocol retreat into a safer, yield-bearing dollar asset during bad markets instead of grinding down its reserve fund.

USDtb was created by Ethena Labs, but the legal issuer at launch was Pallas Fund (BVI) Ltd, an offshore British Virgin Islands vehicle. In July 2025 Ethena and Anchorage Digital announced a partnership to bring the token onshore, and on October 14, 2025 Anchorage announced that Anchorage Digital Bank N.A. had become the sole issuer of USDtb. That move, from a BVI fund to a federally chartered US bank, is the whole point of the token's story. Anchorage holds a national trust bank charter and was the first federally chartered crypto bank in the United States, so USDtb now circulates under direct Office of the Comptroller of the Currency supervision. Anchorage and Ethena describe it as the first stablecoin issued under the framework of the GENIUS Act, the federal stablecoin law signed on July 18, 2025. Ethena's founder Guy Young and Anchorage CEO Nathan McCauley both framed the handover as a test case for onshoring a stablecoin, and it was the first time a stablecoin of that size (its market cap was close to 2 billion dollars at the time) changed issuers.

It is worth being precise about what "GENIUS Act compliant" means today, because the phrase is doing a lot of marketing work across the industry. The GENIUS Act does not fully take effect until the earlier of January 18, 2027 or 120 days after regulators finalize their implementing rules, and those rules are still being written. The OCC published proposed regulations in March 2026 and the comment period closed in May 2026. So USDtb is better described as built to the GENIUS Act's requirements (federally supervised issuer, one-to-one reserves, monthly public reserve disclosure, no rehypothecation of reserves) rather than as certified compliant with a regime that is not yet in force. Anchorage publishes monthly reserve attestations prepared by a Big Four accounting firm under AICPA attestation standards, and a live reserve dashboard is available at usdtb.money.

USDtb launched on Ethereum and was extended to Solana, Arbitrum, and Base using LayerZero's omnichain token standard; the official documentation lists the Ethereum and Solana contracts as the primary deployments. The smart contracts were audited in October 2024 by Pashov Audit Group, Quantstamp, and Cyfrin with no high or medium severity findings, followed by a public Code4rena contest in November 2024. There is no separate USDtb governance token. Ethena's governance token is ENA, which is used for the wider protocol rather than for USDtb specifically.

The risks are real and worth stating plainly. Minting and redemption are not open to the public: only Anchorage Digital Bank customers, meaning institutions and certain high net worth individuals, can create or redeem USDtb at par, so ordinary holders depend on secondary market liquidity to exit. The concentration in a single fund is a genuine dependency, and it has already drawn regulatory attention: the OCC's draft GENIUS Act rules floated a 20 percent cap on tokenized reserve assets, which would be incompatible with USDtb's roughly 90 percent BUIDL allocation. BlackRock filed a comment letter on May 2, 2026 opposing that cap, arguing that risk depends on credit quality, duration, and liquidity rather than on whether an asset settles on a distributed ledger. The rule is not final, but the outcome matters directly to how USDtb is backed. USDtb is also not FDIC insured and is not endorsed or guaranteed by the US government.

Getting Started With USDtb

Most people will never mint USDtb directly. For everyone outside Anchorage's institutional client base, USDtb behaves like any other on-chain stablecoin:

  1. Step 1: Set up a wallet on a chain where USDtb is deployed, such as MetaMask for Ethereum, Arbitrum, or Base, or Phantom for Solana.
  2. Step 2: Acquire USDtb on an exchange or a decentralized exchange, or, if you are an Anchorage Digital Bank client, mint it directly at par.
  3. Step 3: Hold it, move it, or use it as collateral in DeFi. Check the live reserve dashboard and Anchorage's monthly attestations before committing size.
  4. Step 4: Note that direct redemption at one dollar is only available to Anchorage clients. Everyone else exits through secondary market liquidity, so confirm there is depth in the pool or pair you plan to use.

How to Get a USDtb Wallet?

USDtb is a standard token on each of its chains, so any wallet supporting that chain will hold it once you add the contract address.

MetaMask

MetaMask holds USDtb as an ERC-20 token on Ethereum and on the EVM chains where it has been deployed. Add the token contract address to see your balance.

Phantom

Phantom supports USDtb on Solana, where transfers are fast and cheap. This is the practical choice if you are using USDtb in Solana DeFi.

Hardware Wallets

A Ledger device paired with MetaMask or Phantom keeps USDtb in cold storage. This is the sensible option for larger balances, since a stablecoin held on a hot wallet carries the same key risk as any other token.

Anchorage Digital

Anchorage Digital is the issuer and offers qualified institutional clients custody, direct minting and redemption, and a rewards program on USDtb balances announced in November 2025 that requires no staking or lockup. This route is not available to ordinary retail users.

USDtb Resources

How to Buy USDtb?

Direct minting at par is restricted to Anchorage Digital Bank clients, so most buyers acquire USDtb on the secondary market. Liquidity is thinner than for the largest stablecoins, so check depth before moving size.

Centralized Exchanges

Bybit is the main centralized venue for USDtb, with USDTB/USDT as the most active pair, and it runs a dedicated USDtb earn page. Listings elsewhere are limited compared with USDC or USDT.

Decentralized Exchanges

On Ethereum, USDtb trades mainly on Curve and Fluid, generally in stablecoin pairs. Fund a wallet on the relevant chain, connect, and swap. On Solana, USDtb can be swapped through the usual Solana aggregators once you hold SOL for fees.

Latest USDtb News

The defining event for USDtb was the October 2025 handover of issuance to Anchorage Digital Bank, which put the token under OCC supervision and made it the reference example of an onshored, federally regulated stablecoin. In November 2025 Anchorage began paying rewards to clients holding USDtb and USDe with no staking or lockup required. Through 2026 the open question has been regulatory rather than technical: the OCC's proposed GENIUS Act rules, published in March 2026, floated a 20 percent limit on tokenized reserve assets, and BlackRock formally objected in May 2026. Because USDtb is roughly 90 percent BUIDL, the final text of that rule bears directly on the coin's reserve design.

The commercial picture has been weaker. USDtb's supply peaked near 2 billion dollars around the time of the Anchorage migration and has since contracted to roughly 727 million dollars by mid-July 2026. That decline tracks the broader retreat from Ethena's ecosystem: USDe's supply fell sharply after the October 10 and 11, 2025 crypto crash, during which USDe briefly printed as low as 0.65 dollars on Binance because of an exchange oracle and liquidity failure while holding its peg on decentralized venues. USDtb, being reserve-backed rather than delta-neutral, is not exposed to that particular failure mode, but it has not escaped the outflows. Ethena's governance token ENA has traded at record lows in 2026 amid continued token unlocks and shrinking protocol revenue, and growth across the Ethena stack, USDtb included, has stalled.