Crypto02 October, 20262 min read
Anchorage Digital Cuts 17% Of Workforce, Affecting About 200 Employees
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
Anchorage Digital cuts 17% of workforce, about 200 roles. Move follows crypto downturn pressures despite expansion into stablecoins and institutional footprint.
Anchorage trims 17%
Anchorage Digital, the custody and crypto financial services firm that has raised more than $4.2 billion, reportedly cut its workforce by 17%. The reported reduction affects around 200 employees, and it comes as Anchorage expands its institutional footprint through stablecoin issuance and a $100 million investment from Tether. Cointelegraph reported that CEO Nathan McCauley informed employees of the cuts this week, citing people familiar with the matter from The Information.
Cointelegraph also noted that Anchorage had about 400 employees globally as of February, meaning a 17% reduction would amount to roughly 68 jobs if headcount remained near that level. The Information’s backdrop for the workforce reduction was a prolonged crypto market downturn, even as Bitcoin briefly recovered above $87,000 on Friday but remained well below its $126,000 peak reached last October.
Tether ties and USAT
Anchorage’s expansion includes issuing a new stablecoin, and the reporting ties that move to Tether’s entry as the issuer of USDT and its $100 million investment in the company.
Tether’s $100 million strategic equity investment in Anchorage is dated to Feb. 5 in the coverage, and the reporting says it followed USAT’s launch.
The reporting says USAT entered the market on Jan. 27, and it describes USAT as a dollar-backed product designed for the U.S. federal stablecoin framework established under the GENIUS Act.
The reporting also states that USAT is not legal tender, is not backed or guaranteed by the U.S. government, and does not carry FDIC or SIPC insurance.
The reporting says Tether named Cantor Fitzgerald as the reserve custodian and preferred primary dealer under the launch arrangement, and it lists Bybit, Crypto.com, Kraken, OKX and MoonPay among platforms supporting the first phase of the rollout.
What changes next
Anchorage’s workforce cut is framed as a shift to optimize operations and align resources with long-term growth objectives, with the reduction implemented across operations, technology, and regulatory compliance. The reporting says Anchorage Digital noted that the decision does not affect the quality of its custody services or its commitment to security and regulatory compliance. The reporting also says Anchorage stepped up compliance and internal auditing efforts with the approval of the Crypto Investment Services Act (CISA) and increasing scrutiny from bodies like the SEC.
The reporting places additional stakes on institutional expansion, describing Anchorage’s stablecoin issuance and custody support for tokenized uranium as part of its broader regulated-services strategy. The reporting says Anchorage’s Etherlink custody expansion added support for seven assets on the Tezos layer 2 network, including USDT, USDC, USDSM and wrapped Ether, with clients holding tokens through segregated accounts at Anchorage Digital Bank.