Anchorage steps back from USDG consortium as it pivots to white-label stablecoin issuer for 20+ banks.

Anchorage Digital, the first federally chartered crypto bank in the U.S., is pulling back from a front-line role in the Global Dollar (USDG) stablecoin consortium — the Robinhood and Kraken-backed group whose token, issued by Paxos Digital Singapore and supervised by the MAS, carries roughly $3 billion in circulating supply. Other consortium members include Galaxy Digital, OKX, Visa, Worldpay, and Bullish.

Co-founder and CEO Nathan McCauley framed the shift as a strategic realignment rather than a departure. "We're still supportive of it, and want to see it succeed, and are still part of the thing," he said. "But maybe not as up-front of a role as before." The firm will now take what McCauley called an "increased neutrality" stance on stablecoins — declining to push any single token while it courts a broader client base.

The pivot is driven by commercial logic: Anchorage says as many…