Anchorage Digital Reduces Role in USDG Stablecoin Consortium
- Anchorage Digital, the first federally chartered crypto bank in the U.S., will take a less active role in the Global Dollar stablecoin (USDG) consortium.
- USDG has a circulating supply of approximately $3 billion and is issued by Paxos Digital Singapore.
- Other consortium members include Robinhood, Kraken, Galaxy Digital, OKX, Visa, Worldpay, and Bullish.
- CEO Nathan McCauley stated that Anchorage will adopt a more neutral stance on stablecoins moving forward.
- The firm is currently exploring partnerships with up to 20 banks and tech companies for stablecoin issuance.
Anchorage’s shift towards neutrality reflects a broader strategy as it aims to support various stablecoin initiatives without favoring any specific one. This change comes as the firm partners with M0 for stablecoin issuance alongside major players in the financial sector.
With USDG’s circulating supply at around $3 billion, Anchorage’s new approach may influence how it collaborates with other entities in the cryptocurrency space. (Source)
