CoinDesk
Anchorage Digital, the first federally chartered crypto bank in the U.S., is taking a back seat in the Global Dollar stablecoin (USDG) consortium backed by Robinhood and Kraken. USDG, issued by Paxos Digital Singapore and supervised by the Monetary Authority of Singapore, has a circulating supply of around $3 billion. Other members include Galaxy Digital, OKX, Visa, Worldpay and Bullish (the owner of CoinDesk).
Why it matters
CEO Nathan McCauley said Anchorage remains part of the consortium and "wants to see it succeed," but will no longer actively promote USDG. "I think one of the things you're gonna see from us is increased neutrality on the stablecoins. It just makes sense to be neutral and not specifically be pushing any one stablecoin," he said. The shift comes as Anchorage signals it is becoming a white-label stablecoin issuer for as many as 20 banks and tech giants, raising conflict-of-interest questions about championing any single token.
Market impact
With M0 partnership already announced in April — the platform behind MetaMask and Bridge — Anchorage is positioning itself as neutral infrastructure rather than a competitor. For USDG, losing a vocal US banking-licensed advocate narrows its credibility runway at a moment when banks are circling the sector. Paxos declined to comment.
Frequently asked questions
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Why is Anchorage stepping back from the USDG consortium?
CEO Nathan McCauley said Anchorage wants to stay neutral across stablecoins as it builds a white-label issuance business for banks and tech giants, making it harder to champion a single token like USDG.
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What is the USDG stablecoin and who backs it?
USDG is issued by Paxos Digital Singapore under Monetary Authority of Singapore oversight, with a circulating supply of around $3 billion. Its consortium includes Robinhood, Kraken, Galaxy Digital, OKX, Visa, Worldpay and Bullish.
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Does Anchorage remain part of the USDG group?
Yes. McCauley said Anchorage is still a member and wants USDG to succeed, but will no longer actively promote it as it shifts toward a neutral stance across stablecoin issuers.
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What is Anchorage's M0 partnership?
Announced in April, the partnership positions Anchorage as a white-label stablecoin issuer working with M0, the platform behind MetaMask and Bridge, expanding its footprint beyond custody.
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How many firms are looking to issue stablecoins with Anchorage?
McCauley recently said as many as 20 banks and tech giants are currently in discussions to issue stablecoins with the San Francisco-based custody firm.
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