In a move that could be interpreted as either visionary or simply tired of offshore ambiguity, Ethena Labs is bringing its stablecoin operations back onshore. The token in question, USDtb, already a darling of the DeFi crowd, is now being positioned for use within the hallowed halls of regulated financial institutions. That’s right: crypto wants to wear a suit now.

Guy Young, co-founder and CEO of Ethena Labs, noted that while USDtb has seen strong organic demand, the newly minted compliance under the GENIUS Act will embolden partners to scale its use across more platforms. Translation: now that the token plays nicely with federal law, expect everyone from hedge funds to fintech startups to show it more love.

Speaking of which, the market certainly approved. Ethena’s governance token, ENA, popped 9% in 24 hours, no small feat considering that most of the crypto market spent the night in a minor existential crisis, with altcoins dropping 5–10%. The CoinDesk 20 Index limped through with a 1.3% loss, presumably clutching its pearls.

All this regulatory excitement comes courtesy of the recently passed GENIUS Act, which, despite sounding like a Netflix drama about tech bros, actually lays down real guidelines for stablecoin issuance in the U.S. The law offers long-awaited clarity for crypto firms hoping to ditch their tropical mailing addresses in favor of legitimacy.

USDtb itself is backed primarily by BUIDL, a tokenized money market fund from BlackRock and Securitize. It launched in December and has since amassed a $1.45 billion supply on Ethereum. That’s a lot of “digital dollars” trying very hard to behave like real ones.

Meanwhile, Ethena’s other invention, USDe, is less about stability and more about clever financial acrobatics; it earns yield by shorting Bitcoin, Ether, and SOL, essentially making money from crypto’s regular nervous breakdowns.

In sum: Ethena is going legit, the market approves, and the GENIUS Act may finally be the kind of adult supervision crypto never knew it needed.

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