Anchorage Digital Exits Global Dollar Network Stablecoin Initiative

Anchorage Digital, a licensed cryptocurrency bank, is withdrawing from the Global Dollar Network consortium, which promotes the USDG stablecoin. This decision highlights a shift in the firm’s involvement and was shared by CoinDesk.

The consortium, formed in 2024, includes major players like Galaxy Digital, OKX, Visa, Worldpay, Bullish, Robinhood, Kraken, and Paxos Digital, the issuer of the USDG, which is regulated by Singapore's Monetary Authority. USDG currently has a market cap of about $3 billion.

“While we continue to support this initiative and want it to succeed, our role will likely change,” stated Nathan McCauley, co-founder and CEO of Anchorage.

McCauley indicated that Anchorage will adopt a more neutral stance rather than actively promoting USDG. The company is shifting its focus to become a stablecoin issuer itself, with around 20 banks and technology firms exploring partnerships for token issuance.

In a noteworthy collaboration, Anchorage recently assisted Western Union in launching the USDPT coin on the Solana blockchain in May.

“As we navigate our new role as an issuer for various partners, we must reevaluate our incentives and alignment with market realities,” added McCauley.

Market analysts, including Bitwise CIO Matt Hougan, project that the stablecoin market could expand significantly, potentially reaching a $4 trillion valuation through strategic corporate partnerships.