@Ethena USDtb has transitioned to a bank-issued model under @Anchorage Digital Bank. It changes the dynamics around transparency and control, but the deeper signal is USDe quietly evolving into an intermediary routing layer that still lets users acquire and offload USDtb onchain going forward. Full breakdown ↓

3 / As of Oct 2025, USDtb issuance and reserves moved to Anchorage Digital Bank (ADB), an OCC-chartered institution. • ADB is now the sole issuer and obligor. • Reserves sit in a South Dakota trust under a GENIUS-aligned framework. Regulatory footing strengthened.

4 / This transition improves regulatory clarity but changes the transparency model. • Primary mint and redeem now gated to ADB Clients • Onchain whitelist deprecated USDtb moves from an onchain-native design to a bank-centric framework. This means that the transparency into primary flows is now reduced.

5 / Redemption now operates through two paths: • Direct fiat via ADB • Atomic routing through USDe The second path is strategically important. It allows USDe to act as a transfer vehicle between USDC, USDT, and USDtb, increasingly functioning as an intermediate stablecoin routing layer.