On November 26, Anchorage Digital, a U.S. federally chartered cryptocurrency bank, is preparing to launch a rewards program for holders of USDtb and USDe, while avoiding violating U.S. stablecoin laws by directly providing returns.
Anchorage states that institutions can now hold both tokens on the Anchorage platform and earn rewards on idle assets without staking or locking them up. Rewards are distributed by Anchorage Digital Neo Ltd. (a separate entity from Anchorage Digital Bank), allowing Anchorage to operate within the constraints of the GENIUS Act.
The bill, passed this year, establishes a legal framework for the rapidly growing stablecoin industry. It prohibits stablecoin issuers from paying interest to users in order to avoid "unregulated banking," which is tantamount to banning interest-bearing stablecoins.
Anchorage stated, "Both the base stablecoin and the associated rewards are protected by our industry-leading custody and security system." "Our rewards program is offered entirely through an entity operating independently from Anchorage Digital Bank." The program is self-funded by the company to provide institutions with greater flexibility and capital efficiency in their treasury management.
