Crypto11 May, 20262 min read
Anchorage Digital Takes Less Active Role in Global Dollar Network USDG, Says CEO Nathan McCauley
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Anchorage steps back from leading USDG consortium to pursue neutrality. Becomes a white-label stablecoin issuer for multiple firms; embraces neutral stance.
Anchorage steps back from USDG
Anchorage Digital said it will take a less active role in the Global Dollar Network (USDG) as it becomes a white-label stablecoin issuer for more companies and adopts a more neutral stance on individual stablecoins. CoinDesk reported in an interview that Anchorage Digital CEO Nathan McCauley said, “We’re still supportive of [Global Dollar Network], and want to see it succeed, and are still part of the thing,” while adding, “But maybe not as up-front of a role as before.”
The shift comes after Anchorage partnered with stablecoin issuance platform M0 in April, and the report described a pipeline of 20 firms that Anchorage will help issue stablecoins. Anchorage also said on Tuesday (May 5) it was exploring a stablecoin issuance model designed to offer institutional stablecoin issuers better liquidity, capital efficiency and security, described as a “Cashless Reserves model” relying on just-in-time liquidity to meet redemption demand.
Neutrality and alliance members
In comments reported by FinanceFeeds and other outlets, Anchorage co-founder and CEO Nathan McCauley said the bank will adopt “a higher degree of neutrality” in the stablecoin issuance space, moving away from targeted support for any individual token. The USDG token remains in market as one of many institutionally backed dollars, with the token issued by Paxos Digital Singapore and regulated by the Monetary Authority of Singapore, and the circulating supply described as around $3 billion.
The alliance members listed in the coverage include Robinhood, Kraken, Galaxy Digital, OKX and Visa, and the reporting said Paxos will continue to handle issuance and compliance while alliance members integrate USDG into trading, payments and yield products. CoinDesk also framed the change as Anchorage stepping back from a Robinhood and Kraken-backed stablecoin group, while quoting McCauley saying, “I think one of the things you're gonna see from us is increased neutrality on the stablecoins.”
What changes for issuers
The reporting said Anchorage’s move is tied to its growing white-label issuance stack, with McCauley describing the need to “reassess incentive structures and alignment of interests” as about 20 potential partners explore launching stablecoins through Anchorage’s infrastructure. The coverage also said USDG is backed by major institutions including Robinhood and Kraken, and it described the market focus on how Anchorage’s strategy shift could affect competition and the structure of institutional partnerships.
“Paxos did not respond to requests for comment by press time.”
Anchorage’s April partnership with M0 was described as designed to merge M0’s infrastructure capabilities with Anchorage’s regulated issuance experience, and the reporting said M0 works with MetaMask and Bridge. CoinDesk reported that Paxos did not respond to requests for comment by press time, while Anchorage said it will continue to participate in USDG even as it takes a back seat to the consortium.