The crypto bank will adopt a neutral stance on stablecoins after previously supporting the Robinhood and Kraken-backed USDG group.
Anchorage Digital, the first federally chartered crypto bank in the U.S., is scaling back its involvement in the $3 billion Global Dollar (USDG) stablecoin consortium. The group includes Robinhood, Kraken, Visa, and Galaxy Digital, among others. CEO Nathan McCauley cited a need for increased neutrality as the firm expands partnerships with 20 other firms seeking stablecoin issuance support through its M0 platform.
USDG, issued by Paxos Digital Singapore and supervised by the Monetary Authority of Singapore, has a circulating supply of approximately $3 billion. Anchorage had previously taken a more active role in promoting USDG but will now avoid favoring any single stablecoin. The shift aligns with the firm’s broader strategy to serve as a white-label issuer for multiple clients.
McCauley emphasized continued support for USDG but indicated a less prominent role moving forward. The move reflects growing competition and regulatory scrutiny in the stablecoin market, where neutrality may reduce conflicts of interest.