Anchorage Digital, the first federally chartered crypto bank in the US, says it will take a back seat to the Global Dollar (USDG) stablecoin consortium, which includes Robinhood and Kraken.
USDG, which has a circulating supply of around $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, we want it to be successful and we are still a part of it,” Anchorage Digital co-founder and CEO Nathan McCauley said in an interview. “But maybe it won’t be as direct a role as before.”
McCauley said that previously Anchorage may have been specifically pushing USDG, but now the company will take a more neutral approach. “I think one of the things you’ll see from us is more neutrality on stablecoins. It just makes sense to be neutral and not specifically push any stablecoin.”
Anchorage recently mentioned that up to 20 banks and tech giants are looking to issue stablecoins with the San Francisco-based custodian firm. In April, Anchorage said it would partner with stablecoin issuance platform M0, which works with MetaMask and Bridge.
“As we become a white-label stablecoin issuer to so many different groups, you start to think about what the incentive structure is and whether everything still aligns,” McCauley said.
Paxos did not respond to requests for comment by press time.
