With GENIUS passing last week, we are excited to publicly announce Anchorage Digital's entry into the stablecoin business. Also excited to announce our first partner, Ethena, to onshore USDtb, currently standing at $1.5B, and help it comply with the recently passed GENIUS Act.

StablecoinX Inc. @stablecoin_x has announced a $360 million capital raise to purchase $ENA and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol "USDE", which includes a $60 million contribution of ENA from the Ethena Foundation Equity markets will now have direct access and exposure to the most important emerging trend in all of finance: The growth of digital dollars and stablecoins. To bootstrap its acquisition strategy, StablecoinX Inc. will use all of the $260 million cash proceeds from the raise (less amounts for certain expenses) to buy locked ENA from a subsidiary of the Ethena Foundation. Starting today, the Ethena Foundation subsidiary (via third-party market makers) will use 100% of the $260 million cash proceeds from the token sale to strategically purchase $ENA across publicly traded venues over the coming weeks, further aligning the Foundation’s incentives with those of StableCoinX shareholders. The planned deployment schedule is approximately $5m daily from today over the course of the next 6 weeks. At current prices $260m represents roughly 8% of circulating supply. Importantly, the Ethena Foundation has the right to veto any sales of $ENA by StableCoinX at its sole discretion. Ideally, tokens will never be sold with a sole focus on accumulation. To the extent StableCoinX subsequently raises capital with the intent of purchasing additional locked ENA from the Ethena Foundation or its affiliates, cash proceeds from those token sales are planned to be used to purchase spot $ENA. StableCoinX's treasury strategy is a deliberate, multi‑year capital allocation strategy that will enables StableCoinX to capture the enormous value of the secular surge in demand for digital dollars while compounding ENA per share to the benefit of shareholders.

Replacing my old, beat up gas grill with a new toy but didn’t get it assembled in time for the Fourth

The @SECGov Crypto Task Force graciously hosted @ethena_labs yesterday for a remarkably productive conversation focused on analytical frameworks and regulatory approaches to alternatively-reserved "stable assets," including synthetic dollars like USDe.

In a framework properly regulating issuers of stablecoins, prohibiting the payment of yield on that asset makes no logical sense.

Great article posted on LinkedIn by Rob Schwartz, (recently) former CFTC General Counsel, highlighting a key issue with the CLARITY Act as drafted - namely, we don't really know how Tokenized RWAs should and will be treated under the Act.

This morning, @ethena_labs submitted a letter to the SEC Crypto Task Force in response to @HesterPeirce "There Must Be Some Way Out of Here" . We are grateful to engage with good faith regulators like Commissioner Peirce and the Task Force. 1/

The assertion that passing appropriate legislation somehow benefits (even perceived) "bad actors" is mind boggling mental gymnastics

The SEC Division of Corporate Finance published a pretty fun staff statement on memecoins yesterday that has some super fun baked-in nuggets:

In the wake of the SEC's case against Coinbase being dismissed *with prejudice*, Commissioner @HesterPeirce wants to make sure everyone knows that, despite the Commission's shift in policy, crime is, in fact, not legal