Anchorage Digital, the first federally chartered crypto bank in the US, says it will take a backseat to the Global Dollar stablecoin (USDG) consortium, which includes Robinhood and Kraken.
The USDG, which has a circulating supply of about $3 billion, is issued by Paxos Digital Singapore and overseen by the Monetary Authority of Singapore. Other members include Galaxy Digital, OKX, Visa, Worldpay and Bullish (the owner of CoinDesk).
“We still support it and want to see it succeed and we’re still part of the cause,” Anchorage Digital co-founder and CEO Nathan McCauley said in an interview. “But maybe not as upfront in a role as before.”
McCauley said that in the past Anchorage might have increased USDG specifically, but now the firm will take a more neutral approach. “I think one of the things you’ll see from us is increased neutrality on stablecoins. It just makes sense to be neutral and not specifically push for a stablecoin.”
Anchorage recently cited as many as 20 banks and tech giants currently seeking to issue stablecoins with the San Francisco-based custodian. In April, Anchorage said it would partner with stablecoin issuing platform M0, which works with MetaMask and Bridge.
“When we become a white-label stablecoin issuer for so many different groups, you start to think about what is the incentive structure and is everything still aligned,” McCauley said.
Paxos did not respond to requests for comment by press time.
