Anchorage Digital, the first federally chartered crypto bank in the United States, says it will take a back seat to the Global Dollar stablecoin (USDG) consortium, which includes Robinhood and Kraken.
USDG, with a circulating supply of approximately $3 billion, is issued by Paxos Digital Singapore and supervised 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 project,” Nathan McCauley, co-founder and CEO of Anchorage Digital, said in an interview. “But maybe not as directly as before in a role.”
McCauley said that previously Anchorage might have boosted USDG specifically, but now the company 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 promote a stablecoin.”
Anchorage recently mentioned that as many as 20 banks and tech giants are currently seeking to issue stablecoins with the San Francisco-based custody company. In April, Anchorage announced that it would partner with stablecoin issuance platform M0, which works with MetaMask and Bridge.
“As we become a white-label stablecoin issuer to many different groups, you start to think about the incentive structure and whether everything is still aligned,” McCauley said.
Paxos did not respond to requests for comment at the time of publication.
