Summary
Ketju does not approve USDtb: a client gets a $1 token with no yield and no right to redeem, because Anchorage Digital Bank redeems only for its own institutional clients. USDtb is a dollar stablecoin. Since 13 October 2025, Anchorage Digital Bank, N.A., an OCC-chartered trust bank, has been its sole issuer and the only party that owes the dollar. Ethena Labs licenses its brand to the token. The reserve is almost all BlackRock’s BUIDL fund: $397.7 million of BUIDL and $4.0 million of cash against 401.0 million tokens on 31 July 2026. Some describe USDtb as a way to hold BUIDL without being a qualified purchaser. In fact the holder owns no BUIDL share, and the bank keeps BUIDL’s income as its fee. Outside the bank, the price depends on a $20 million Curve pool. We found no defect in the reserve or its monthly examination.
Review triggers
- Anchorage publishes terms that let a holder who is not a bank client redeem at $1, or opens client accounts to individuals
- The GENIUS Act takes effect and the OCC names Anchorage Digital Bank a permitted payment stablecoin issuer
- The admin, minter-burner, blocklister, and pauser roles on Ethereum, and the Solana authorities, move to multisigs with a delay
- The reserve report shows a reserve no longer concentrated in one private fund, or USDtb secondary liquidity above $100 million
Facts
- Verdict
- Not approved
- Type
- Tokenized real-world assets
- Chains examined
- Ethereum, Solana
- Instruments
- USDTB
- Reviewed
- Last confirmed