Licensed crypto bank Anchorage Digital will cease its participation in the Global Dollar Network consortium, which promotes the stablecoin USDG. This was reported by CoinDesk.
The consortium, established in 2024, also includes Galaxy Digital, OKX, Visa, Worldpay, Bullish, Robinhood, Kraken, and Paxos Digital (the token issuer).
USDG is regulated by the Monetary Authority of Singapore, and the market capitalization of this dollar-pegged asset is approximately $3 billion.
“We still support this project, want it to succeed, and remain a part of it. However, we probably won’t play as leading a role as we did before,” said Nathan McCauley, co-founder and CEO of Anchorage, in an interview.
According to him, instead of actively promoting USDG, the company plans to adopt a more neutral approach. Anchorage has transitioned to the category of stablecoin issuers, and currently, around 20 banks and tech giants are considering collaborating with it to issue tokens.
In May, money transfer service Western Union utilized Anchorage's services to issue the USDPT coin, created on Solana.
“As we have become an issuer under our own brand for multiple groups, you start to think about the incentive structure and whether everything still aligns with reality,” McCauley added.
It’s worth noting that Bitwise CIO Matt Hougan predicted that the stablecoin segment could grow to a $4 trillion market capitalization due to partnerships between corporations and crypto projects.