Ethena Labs and Anchorage Partner to Reward USDtb and USDe Holders

Key Developments in Ethena Labs and Anchorage Partnership:

Ethena Labs has expanded its partnership with Anchorage, the only federally chartered crypto bank in the US, to offer in-platform rewards for USDtb and USDe holders.
The rewards are accessible without any staking or lockup requirements, potentially increasing the appeal of Ethena’s stablecoins among institutional users.
This follows their earlier collaboration aimed at bringing USDtb into the US market.

Stablecoin Market Dynamics:

Ethena's USDe faced a significant drop after a depegging incident in October, revealing vulnerabilities in its synthetic model.
USDtb, a fully backed stablecoin using [USDT](https://holder.io/coins/usdt/) as collateral, experienced a 22% decline in market cap, now around $1.04 billion.
In contrast, Ethena’s ENA token increased by approximately 6%, trading near $0.289.

The demand for stablecoins in the US has grown under supportive legislation like the GENIUS Act.
The total market cap for all stablecoins reached $316 billion, reflecting the expanding interest from institutions and retail users.
[Tether’s USDT](https://holder.io/coins/usdt/) holds the largest market cap at $185 billion, followed by [Circle’s USDC](https://holder.io/coins/usdc/) at $78 billion. Both companies have minted $20 billion in stablecoins following an October market shock.