Latest news with #Ethena
Business Upturn
5 days ago
- Business
- Business Upturn
Anchorage Digital Partners with Ethena Labs to Launch the First GENIUS-Compliant; Federally Regulated Stablecoin
Business Wire India Anchorage Digital, home to the first and only federally chartered crypto bank, today announced a strategic partnership with Ethena Labs, the creator of USDe and USDtb, to bring USDtb to the U.S. as the first-ever stablecoin with a clear pathway to becoming compliant with the recently enacted GENIUS Act—America's new law to regulate issuance of stablecoins. The launch will be the first to leverage Anchorage Digital's stablecoin issuance platform—a turnkey solution for institutions to launch and distribute fully regulated digital dollars. Anchorage Digital's decision to partner with Ethena, a project focused on developing secure, compliance-driven rails and products that provide institutional investors with access to the unique advantages of digital assets, marks a significant step forward in aligning innovation with regulation in the U.S. financial system. Under the partnership, the USDtb stablecoin—which is currently issued offshore—will be issued in the U.S. by Anchorage Digital Bank, positioning the firm as the leading U.S. stablecoin issuer for institutions seeking compliant, programmable, digital dollars aligned with the highest regulatory standards set by the GENIUS Act. Issuing this stablecoin under the U.S.-compliant framework enables smoother integration with the U.S. financial system and provides institutions with more accessible, regulated pathways to hold USDtb. '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 U.S.—helping deliver even greater transparency and confidence to their partners. As stablecoins become a foundational layer of modern finance, it's essential they're built on infrastructure that's secure, compliant, and built to last.' — Nathan McCauley, CEO and Co-Founder of Anchorage Digital 'While we've already seen strong demand for USDtb, we expect GENIUS compliance to empower our partners and holders to confidently and significantly expand its use across new products and platforms. By partnering with Anchorage Digital—the only federally regulated crypto bank in the United States—we reinforce the foundation needed to continue scaling the product without compromising on speed, flexibility, or trust.' — Guy Young, CEO of Ethena Labs Stablecoins are quickly becoming the lifeblood of the future of finance—both in America and globally—powering everything from real-time settlement and cross-border payments to next-generation fintech infrastructure and decentralized markets. By enabling safe, scalable, and regulated issuance, Anchorage Digital is helping ensure that this foundational layer of modern finance is built on trust, resilience, and U.S. leadership. About Ethena Labs Ethena Labs is the creator of USDe and USDtb and a contributor to the Ethena protocol. Ethena is the protocol behind USDe, the third-largest and fastest growing USD-denominated crypto asset in history with over $6 billion in TVL today across one of the largest sets of DeFi users, alongside integrations with some of the largest centralized exchanges and major DeFi applications. Ethena Labs is backed by Fidelity, Franklin Templeton, Dragonfly, Binance Labs, Bybit and OKX among others. About Anchorage Digital Anchorage Digital is a global crypto platform that enables institutions to participate in digital assets through trading, staking, custody, governance, settlement, stablecoin issuance, and the industry's leading security infrastructure. Home to Anchorage Digital Bank N.A., the only federally chartered crypto bank in the U.S., Anchorage Digital also serves institutions through Anchorage Digital Singapore, which is licensed by the Monetary Authority of Singapore; Anchorage Digital NY, which holds a BitLicense from the New York Department of Financial Services; and self-custody wallet Porto by Anchorage Digital. Recently, through the enactment of GENIUS, Anchorage Digital Bank became the only U.S., federally regulated and GENIUS-compliant stablecoin issuer bank. The company is funded by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota. Learn more at on X @Anchorage, and on LinkedIn. View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire India. Business Upturn take no editorial responsibility for the same. Ahmedabad Plane Crash
Yahoo
5 days ago
- Business
- Yahoo
Ethena Taps Anchorage to Issue $1.5B USDtb Stablecoin Under GENIUS Act
Decentralized finance (DeFi) platform Ethena is set to bring its $1.5 billion stablecoin to the U.S. market, teaming up with crypto bank Anchorage Digital to issue the token under the new stablecoin laws. As part of the partnership the firms announced on Wednesday, federally regulated crypto bank Anchorage will issue the USDtb token directly in the U.S. under the GENIUS Act's compliance standards. That's a move away from the token's current offshore issuance model, a move that aims to create a pathway for institutions to hold and use the token within regulated financial channels. "While we've already seen strong demand for USDtb, we expect GENIUS compliance to empower our partners and holders to confidently and significantly expand its use across new products and platforms," Ethena co-founder and CEO of development organization Ethena Labs Guy Young said in a statement. Ethena's governance token ENA (ENA) is up 9% over the past 24 hours, outperforming the broader crypto market that saw many altcoins plunge 5%-10% overnight. The market benchmark CoinDesk 20 Index was down 1.3% during the same period. The move comes after President Trump signed the GENIUS Act into law last week, a landmark crypto legislation that sets guidelines for stablecoins and issuers to operate in the country. Stablecoins are a $250 billion and rapidly growing class of cryptocurrencies with their prices anchored to an external asset, predominantly to fiat currencies like the U.S. dollar. Tether, issuer of the largest stablecoin USDT, also announced plans to enter the U.S. market under the new law. USDtb, introduced in December, aims to keep a stable $1 price and is backed predominantly by tokenized money market fund BUIDL, issued by BlackRock and Securitize. The token currently has a $1.45 billion supply on the Ethereum blockchain, per data. Ethena also issues the USDe "digital dollar," a token that generates yield by shorting bitcoin, ether and SOL harvesting funding while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
6 days ago
- Business
- Yahoo
This Company Wants to Be the MicroStrategy of Stablecoins. Should You Buy Its Stock Now?
Stablecoins promise to transform finance by combining the stability of traditional fiat currencies with the speed of blockchain technology. Companies aligned with this trend are drawing investor interest, especially those adopting treasury strategies similar to those of early crypto pioneers like Strategy (MSTR). TLGY Acquisition (TLGYF), a blank-check firm, is now jumping into this trend. On July 21, it announced a merger with StablecoinX Assets, a startup aiming to build a public company that will hold large amounts of Ethena's ENA tokens. More News from Barchart Warren Buffett Has $347.7 Billion in Cash Because Growing an 'Empire' Just to Grow Makes 'the Citizenry Poorer' Nvidia Stock Warning: This NVDA Challenger Just Scored a Major Customer Dear Microsoft Stock Fans, Mark Your Calendars for July 30 Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Ethena is a decentralized finance (DeFi) platform that issues ENA, the Ethena governance token, and USDe, a synthetic dollar backed by crypto. After the merger, the new entity, StablecoinX, is expected to trade on the Nasdaq Exchange under the ticker USDE. The deal is expected to close some time in Q4 2025. Investors initially cheered the news, sending TLGYF shares up about 50%, though the gains quickly faded. Still, the stock remains up 21% year-to-date. TLGYF's High-Stakes Pivot Into Crypto TLGYF, soon to become StablecoinX pending shareholder and regulatory approval, is making a bold bet on Ethena's rising stablecoin ecosystem. Ethena's USDe, a 'synthetic dollar' built on the Ethereum (ETHUSD) blockchain. It is 'softly' pegged to the U.S. dollar and now holds a market capitalization of $6.75 billion. It is the 22nd-largest crypto by market cap, third only to Tether and Circle's (CRCL) USDC in the stablecoin space. Post-merger, StablecoinX will support the Ethena network by running validators and adopting a 'permanent capital' model, using raised funds to buy and hold ENA tokens indefinitely. Management believes this mirrors Strategy (MSTR), positioning TLGYF as a long-term crypto treasury asset. The $360 million PIPE will fund a yield-generating treasury of ENA and USDe stablecoins. Backers include top crypto funds like Pantera, Dragonfly, Galaxy, and the Ethena Foundation. Financial Backing and Capital Structure As a SPAC, TLGYF has no operating business and no revenue. Instead, its value lies in its cash and crypto on hand. Before the merger, TLGYF held roughly $10 per share in trust from its IPO proceeds. The merger with StablecoinX brings $360 million via PIPE commitments. Of that, $100 million comes as discounted ENA tokens, and $260 million is designated as cash to buy more ENA immediately. After closing, the company will own a large ENA position on its balance sheet. Each share of StablecoinX will thus be backed by a piece of this treasury. All future growth depends on ENA. StablecoinX's board has approved the deal, and the transaction is on track for a late 2025 closing. Should You Buy TLGY Stock Now? From my perspective, TLGYF is a highly speculative investment which is completely dependent on the effectiveness of Ethena and the health of the crypto market. It is supported by the significant names in crypto, which does boost investor confidence. It can potentially bring huge returns provided the Ethena ecosystem including its governance token and stablecoin does well, but there is a serious possibility of losing most or even all of your investment. This is only a risk you should take if you are a true believer in cryptocurrencies, and specifically, in ENA. On the date of publication, Nauman Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Time of India
21-07-2025
- Business
- Time of India
Cryptocurrency Live News & Updates : Ethereum Tests Resistance at $3,877 to $3,987
21 Jul 2025 | 11:55:12 PM IST Ethereum (ETH) is encountering a crucial resistance zone between $3,877 and $3,987, with strong support at $3,434, according to on-chain data from Glassnode. Ethereum is currently navigating a significant resistance range between $3,877 and $3,987, as highlighted by on-chain analysis from Glassnode. This resistance zone could trigger selling pressure due to the concentration of ETH holders in this price range. Meanwhile, a solid support level at $3,434 may encourage buyers to step in if prices decline. In related news, a whale investor is contemplating selling 50 WBTC, potentially realizing an impressive profit of $2.404 million after a 15-month hold. Additionally, StablecoinX has emerged as a new player in the market, planning to acquire Ethena and implement a treasury strategy with a substantial $360 million capital raise. This move aims to provide public market investors with access to the Ethena ecosystem. On the NFT front, Fat Penguin NFTs have seen a surge in sales, with a notable 15.6% rise in floor price, driven by whale purchases. Lastly, Michael Saylor warns that Bitcoin availability may become extremely limited in the next decade, urging investors to act swiftly. Show more
Bloomberg
21-07-2025
- Business
- Bloomberg
Blank Check Company TLGY Surges After Raising $360 Million for Altcoin Treasury
A blank check company, TLGY Acquisition Corp. announced that it is merging with a smaller firm in order to buy and hold an alternative cryptocurrency known as ENA, the latest company to follow the crypto treasury playbook created by Michael Saylor. The combined company, to be named StablecoinX Inc., has raised $360 million from investors to buy and hold ENA, the governance token of Ethena, a project that is focused on capitalizing on a crypto version of the popular hedge fund strategy known as the basis trade.
