Anchorage is stepping back from Robinhood and Kraken-backed stablecoin group
Anchorage Digital co-founder and CEO Nathan McCauley said there will be ‘increased neutrality’ from his firm on stablecoins.
What to know:
- Anchorage, which is partnering with stablecoin issuance platform M0, says it has a pipeline of 20 firms looking for help to issue stablecoins.
- Becoming a white-label stablecoin issuer for so many different groups, requires thinking about incentive structures and if everything is still aligned, CEO McCauley said.
“We’re still supportive of it, and want to see it succeed, and are still part of the thing,” said Anchorage Digital co-founder and CEO Nathan McCauley in an interview. “But maybe not as up-front of a role as before.”
McCauley said that previously, Anchorage might have been boosting USDG specifically, but now the firm will take a more neutral approach. “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.”
Anchorage recently mentioned as many as 20 banks and tech giants are currently looking to issue stablecoins with the San Francisco-based custody firm. In April, Anchorage said it would partner with stablecoin issuance platform M0, which works with MetaMask and Bridge.
