Anchorage Digital and Ethena are developing a framework to distribute “rewards” tied to USDtb tokens under the new GENIUS Act regime. The initiative progresses as the law signed on July 18, 2025, bans direct interest on stablecoins and leaves unresolved how indirect yield may be treated, making regulatory alignment central to the project’s purpose.
Framework seeks compliant reward structures under the GENIUS Act
Anchorage’s proposal involves migrating USDtb logic to its regulated platform to structure tokenization and reward delivery within legal boundaries. The GENIUS Act mandates full backing of payment stablecoins with liquid assets like U.S. Treasuries, enforces banking-grade reporting and AML controls, and Ethena aims to use collateral such as BlackRock’s BUIDL to align reserves with these requirements.
The law cleared the Senate by 68-30 on June 17, 2025, and passed the House 308-122 on July 17 before being signed, formalizing a stablecoin market estimated at $200 billion. However, the explicit prohibition on interest payments was introduced to curb speculation, complicating any mechanism intended to deliver returns to holders.
The Treasury launched an ANPRM in September 2025 to define how the ban on interest and the concept of indirect yield should be interpreted. The Stablecoin Certification Review Committee must clarify these limits, and its ruling will determine whether the proposed reward system is viable.
Operational feasibility relies on technical safeguards, including transaction blocking, monitoring compliance, and ensuring reward structures are not deemed interest equivalents. Anchorage’s ability to implement controls without impairing USDtb functionality will be the decisive test.
The proposal directly impacts traders and treasuries seeking regulated stablecoins with potential yield. If authorities approve reward mechanisms that do not count as interest, institutional treasuries could gain new avenues for return, but if rejected, USDtb utility may narrow to payments and custody.
Ethena has already demonstrated institutional demand for its ENA token following its Binance listing and high APY, though volatility during market events highlights risk. This reinforces that counterparty design remains a key factor even where demand is present. The GENIUS Act positions the U.S. as a regulatory reference point relative to MiCA by emphasizing payment stablecoins and enabling bank participation. Jupiter’s plan to mint JupUSD and convert $750 million of USDC to comply with the Act signals a rapid market response.
The feasibility of USDtb rewards ultimately depends on how Treasury interprets indirect yield and whether Anchorage can enforce regulatory safeguards. The final ruling will shape whether rewards become a viable feature or remain restricted under the ban.