USDtb (Anchorage Digital Bank)

This file replaced an earlier record on 2026-09-24. Superseded the day it was published: the file called USDtb issuer direct and a note, the nearest values the file type then had, so the page said the chain is a securityholder file. USDtb is a bank’s promise to pay $1 and has no securityholder file. The file type gained the claim model issuer liability and the kind payment stablecoin, and the file now uses both. Terms, contracts, and readings are unchanged. Superseded records.

Research and shelf status are on the memo: Ethena USDtb Adverse research finding

Who may buy, hold, transfer, and redeem

Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.

What the holder owns

A $1 claim on Anchorage Digital Bank, the sole issuer and the sole party that owes it; not a share of BUIDL.

“ADB remains the sole issuer of, and the sole obligor for, every Series of Covered Stablecoins within the meaning of the GENIUS Act, 12 U.S.C. § 5901 et seq., even when ADB engages one or more Service Providers to perform operational or administrative functions.”

Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025) · 7. Service Providers to ADB, ADB as Sole Issuer and Sole Obligor · words found 2026-09-24

What the holder owns

A holder who is not a bank client has no contract rights against the bank, only what the law gives.

“Non-Clients have no contractual relationship with ADB under these Terms and no enforceable rights against ADB in respect of Covered Stablecoins, except as may arise under applicable law.”

Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025) · 1. Scope and Applicability, Non-Clients · words found 2026-09-24

What the holder owns

The reserve’s income, including BUIDL’s dividends, goes to the bank, not to holders.

“All income, gains, or other returns realized on the Covered Stablecoin Reserve beyond the amounts necessary to maintain reserves sufficient to back outstanding Covered Stablecoins on at least a one-to-one basis constitute fiduciary compensation to ADB for administering the Covered Stablecoin Reserve Trust.”

Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025) · 3. Reserve Backing and Trust Structure, Reserve Trust · words found 2026-09-24

Who may hold it

Anyone may hold it; a holder who is not a bank client is simply not the bank’s customer.

“Persons who hold Covered Stablecoins but are not Clients (“Non-Clients”) are not customers of ADB.”

Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025) · 1. Scope and Applicability, Non-Clients · words found 2026-09-24

Who may hold it

Only the bank’s customers may mint or redeem.

“Only customers of Anchorage Digital Bank are able to mint and redeem USDtb.”

USDtb docs: Mint & Redeem · Mint & Redeem · words found 2026-09-24

First purchase minimum

None stated for holding, minting, or redeeming.

Not stated in Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025), USDtb docs: Mint & Redeem, Anchorage Digital: USDtb reserve attestations.

Account types

The documents read do not say which account types the bank onboards; its pages speak to institutions.

Not stated in Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025), USDtb docs: Mint & Redeem, Anchorage Digital: Anchorage Digital Issues USDtb.

Who it may be transferred to

Any wallet the bank has not blocked may send and receive it.

“Covered Stablecoins may be transferred to other blockchain addresses.”

Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025) · 5. Transfer and Use of Covered Stablecoins, On-Chain Transfers · words found 2026-09-24

How a holder redeems

Only clients redeem, at $1 less fees in a schedule the bank has not published.

“Covered Stablecoins presented for redemption by Clients are redeemed at the Par Value for the applicable Series, net of any applicable fees disclosed in the Covered Stablecoin Fee Schedule.”

Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025) · 6. Redemption of Covered Stablecoins, Redemption Value · words found 2026-09-24

How a holder redeems

The bank may refuse, suspend, or limit any redemption.

“ADB may refuse, suspend, or limit any redemption request in its discretion, including for reasons such as incomplete verification, suspected fraud or illicit activity, risk management concerns, operational limitations, liquidity management, regulatory restrictions, unavailability of a particular Series, or violation of the Master Account Agreement or these Terms.”

Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025) · 6. Redemption of Covered Stablecoins, Eligibility · words found 2026-09-24

Who keeps the official record

No transfer agent; the token carries its rights, so the chain is the record of who holds them.

“A transfer of Covered Stablecoins transfers all rights associated with those Covered Stablecoins to the recipient.”

Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025) · 5. Transfer and Use of Covered Stablecoins, Transfer of Rights · words found 2026-09-24

What the issuer says it can freeze or take back

The bank may freeze, block, or seize any holder’s USDtb, client or not.

“ADB may freeze, block, seize, or otherwise restrict Covered Stablecoins where required by court orders, subpoenas, regulatory directives, or law enforcement requests, or where ADB determines that a transfer violates, or is likely to violate, applicable law or regulation.”

Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025) · 5. Transfer and Use of Covered Stablecoins, Transfer and Use Restrictions · words found 2026-09-24

What the issuer filed with the SEC

A private offering files Form D with the SEC within 15 days of its first sale and amends it each year while it sells. The issuer signs it. It states the exemption relied on, the fund’s exclusion from the Investment Company Act (which decides who may buy), the smallest investment accepted, the amount sold, and how many investors hold.

EDGAR has no Form D for USDtb. The issuer, Anchorage Digital Bank, N.A., is an OCC-chartered bank that offers USDtb as a payment stablecoin and claims no securities exemption. The only Form D from its parent, Anchor Labs, Inc. (CIK 1783914), is the parent’s own 2019 equity raise; Pallas (BVI) Ltd, the issuer before October 2025, has no EDGAR filer record; Ethena, Inc. of Brooklyn (CIK 1836631) filed its last Form D in 2022, two years before USDtb launched. Searched 2026-09-24 for “USDtb”, “Anchorage Digital Bank”, “Anchor Labs”, “Pallas (BVI)”, “Ethena”.

Who can change the record

Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.

Who holds the keys

Every current holder of each power, read from the chain on 2026-09-24. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.

Where it trades

How it exits

Reopen conditions: events that change an answer above
• The GENIUS Act takes effect (by 18 January 2027 at the latest), or the OCC approves or refuses Anchorage Digital Bank as a permitted payment stablecoin issuer; the registration path is then re-read
• Anchorage amends the Covered Stablecoin Terms or publishes the Covered Stablecoin Fee Schedule
• The owner, proxy admin, or implementation on Ethereum changes, or a Solana mint, freeze, pause, permanent-delegate, or transfer-hook authority changes, or a transfer hook program is set
• A monthly reserve report shows less than 100% backing, access-restricted tokens, or a reserve asset other than BUIDL and cash
• BUIDL’s file records a freeze, seizure, or redemption gate that reaches Anchorage’s BUIDL wallets

What the monitor reads daily

Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against its one-dollar value. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action. Subscribers get an email naming each of their clients who hold it, with the household result.

File history

Revised once since it was filed. Each superseded copy is kept as published, with the reason it was replaced.

Sources

• Anchorage Digital Bank, N.A. Covered Stablecoin Terms (effective 13 October 2025) · primary · accessed 2026-09-24
  Supports: sole issuer and obligor, clients mint and redeem, non-clients have no contract rights, reserve trust and income to ADB, freeze, block, seize, transfer passes all rights, fee schedule referenced, GENIUS Act redemption policy
• USDtb docs: Mint & Redeem · primary · accessed 2026-09-24
  Supports: only Anchorage customers mint and redeem
• USDtb docs: Key Addresses · primary · accessed 2026-09-24
  Supports: Ethereum and Solana token contracts, Anchorage BUIDL custody addresses
• usdtb.money Terms of Use (last updated November 2025) · primary · accessed 2026-09-24
  Supports: Pallas (BVI) Ltd operates usdtb.money, site offers no financial products
• USDtb docs: Introduction · primary · accessed 2026-09-24
  Supports: issuer transition on 13 October 2025, BUIDL backing
• Anchorage Digital Bank: USDtb Reserve Report as of 31 July 2026, with independent accountant’s examination · primary · accessed 2026-09-24
  Supports: 400,956,706 tokens outstanding, $397.7M BUIDL and $4.0M cash, BUIDL wallets by chain, no access-restricted tokens, reserve held for token holders
• Anchorage Digital: USDtb reserve attestations · primary · accessed 2026-09-24
  Supports: monthly reports since October 2025, Big Four examiner
• Anchorage Digital: Anchorage Digital Issues USDtb · primary · accessed 2026-09-24
  Supports: sole issuer, reserve almost entirely BUIDL, not a deposit, not FDIC insured
• USDtb implementation AnchorageTokenUSDtb on Ethereum (Sourcify verified source) · primary · accessed 2026-09-24
  Supports: blockAccounts, pause, burn from any holder, mint, single admin role, deprecated whitelist unused
• USDtb Solana token metadata (Anchorage) · primary · accessed 2026-09-24
  Supports: issuer-anchored Solana mint, structured to comply with the GENIUS Act
• GENIUS Act, Public Law 119-27 (govinfo) · primary · accessed 2026-09-24
  Supports: payment stablecoin excluded from security, effective date, holder priority in insolvency