Anchorage Digital exits the leading role of the USDG stablecoin, and the stablecoin alliance shifts towards multi-party decentralization

As the first federally chartered crypto bank in the United States, Anchorage Digital has stated that it will reduce its involvement in the Global Dollar (USDG) stablecoin alliance and will no longer play a more prominent role as it did previously. Members of the alliance include institutions such as Robinhood, Kraken, Galaxy Digital, OKX, and Visa Inc.

Nathan McCauley, co-founder and CEO of Anchorage, stated that the company will adopt "a higher degree of neutrality" in the stablecoin issuance space in the future, avoiding targeted support for any single stablecoin to accommodate its expansion as a white-label issuance and custody platform. He pointed out that as more institutions seek to issue stablecoins through Anchorage (with about 20 potential partners currently), the company needs to reassess its incentive structures and alignment of interests.

Currently, USDG is issued by Paxos Digital Singapore and regulated by the Monetary Authority of Singapore, with a circulation size of approximately $3 billion. Market participants generally believe that stablecoin issuance is entering a new phase of parallel development among multiple institutions and networks.