Deployments · Anchorage Digital stablecoin issuance · platform by Anchorage Digital

USDtb stablecoinUpdated 7 Nov 2026

A dollar stablecoin created by Ethena Labs and, since October 2025, issued solely by Anchorage Digital Bank under OCC supervision. Its reserves are almost entirely units of BlackRock's BUIDL tokenised Treasury fund. About $515 million was outstanding in October 2026, mostly on Ethereum.

Live (limited) since 14 Oct 2025^[1]i — Mainly used by institutions and within Ethena's products. · Reviewed 25d ago i

Assets

Stablecoin^[1]

US dollar stablecoin whose reserves are almost entirely BlackRock BUIDL fund tokens

Networks

Ethereum Public, permissionless^[2]

Solana Public, permissionless^[2]

Use cases i

Primary issuance^[2]

Jurisdictions

United States

Participants

• Anchorage DigitalPlatform provider, Issuer^[1]United States
• Ethena LabsOperator^[1]British Virgin Islands
• BlackRockAsset manager^[1]United States
• DeloitteAuditor or reserve attestor^[3]United Kingdom
• Anchorage DigitalCustodian^[3]United States

Likely relevant regulation i

• US federal banking agencies' framework for bank crypto-asset, stablecoin and tokenisation activitiesUnited States
• GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act)United States

Assets

• IssuesUSDtb (USDtb)^[1]
• Holds as reserveBlackRock USD Institutional Digital Liquidity Fund (BUIDL)^[1]Reserves are almost entirely BUIDL fund tokens.

Metrics i

• ~$515.63mTokens in circulation · as of 11 Oct 2026context^[2]
  On-chain via DefiLlama; sum of its per-chain balances. Shown as context, not counted (wrapper rule, mixed backing): Anchorage says USDtb's reserves are almost entirely BUIDL tokens, which are counted under BUIDL; the exact split with other reserves isn't published.
• ~$470.65mTokens in circulation · as of 11 Oct 2026 · on Ethereumcontext^[2]
  On-chain via DefiLlama. Shown as context, not counted (wrapper rule, mixed backing): Anchorage says USDtb's reserves are almost entirely BUIDL tokens, which are counted under BUIDL; the exact split with other reserves isn't published.
• ~$447.06mSupply on chain (daily) · as of 7 Nov 2026context^[4]
  Automated daily reading of on-chain supply across all chains.
• ~$416.94mSupply on chain (daily) · as of 7 Nov 2026 · on Ethereumcontext^[4]
  Automated daily reading.
• ~$30.12mSupply on chain (daily) · as of 7 Nov 2026 · on Solanacontext^[4]
  Automated daily reading.

Timeline

1. Happened 14 Oct 2025 · Participant joined · recorded 11 Oct 2026
   Anchorage Digital Bank takes over as sole issuer of USDtb.^[1]

Sources i