Anchorage Digital Aims to Pay 'Rewards' on Ethena's Tokens Under GENIUS Act

Core Insights - Anchorage Digital is launching a rewards program for USDtb and USDe token holders, allowing institutions to earn rewards on idle holdings without violating U.S. stablecoin laws [1][2] - The rewards are managed through Anchorage Digital Neo Ltd., a separate entity, enabling compliance with the GENIUS Act, which prohibits interest payouts on stablecoins [2][3] - The initiative aims to enhance capital efficiency and flexibility in treasury management for institutions [2] Regulatory Context - The GENIUS Act, enacted to regulate the stablecoin sector, bans yield-bearing stablecoins to prevent unregulated banking activities [3] - Anchorage's structure serves as a model for U.S. issuers to provide reward-like benefits while adhering to regulations [3] Token Structure - Ethena's USDtb stablecoin is backed by short-term Treasuries, including BlackRock's tokenized money market fund, while the USDe token is designed as a "synthetic dollar" backed by crypto assets and short futures [4] - The dual structure of the tokens aims to maintain price stability at $1 [4] Industry Perspective - Ethena Labs founder emphasizes that the combination of rewards and regulatory compliance will shape the future of digital asset participation [5]