Anchorage Digital, the first federally chartered crypto bank in the United States, said it will give way to a global U.S. dollar stablecoin (USDG) alliance that includes Robinhood and Kraken.
USDG has a circulating supply of approximately US$3 billion, is issued by Paxos Digital Singapore, and is regulated by the Monetary Authority of Singapore. Other members include Galaxy Digital, OKX, Visa, Worldpay and Bullish (owner of CoinDesk).
“We still support it, want to see it succeed and still be a part of it,” Anchorage Digital co-founder and CEO Nathan McCauley said in an interview. “But maybe not as openly as we once were.”
McCauley said that previously, Anchorage might have specifically boosted USDG, but now the company will take a more neutral stance. “I think one thing you’ll see from us is an increase in the neutrality of stablecoins. It makes sense to stay neutral and not push for any one stablecoin specifically.”
Anchorage recently mentioned that as many as 20 banks and tech giants are currently looking to issue stablecoins with the San Francisco-based custody company. In April this year, Anchorage said it would cooperate with stablecoin issuance platform M0, which partners with MetaMask and Bridge.
“As we become a white-label stablecoin issuer for many different groups, you start to think about what the incentive structure is and whether everything is still aligned,” McCauley said.
Paxos had not responded to a request for comment as of press time.