Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Anchorage Digital, Kryptossodian and a federal authorized bank, said it will start gradually and direct institutional clients to convert USDC
and other stablecoins to the competing token of the global dollar (USDG) In a large move that attracted criticism from industry players.
The company has released “Stablecoin safety matrix“This ranks Stablecoins based on regulatory supervision and Reserve asset management on Tuesday.
A circularly issued USDC, which is the second largest stablecoin offering $ 61 billion and is popular among institutions, was considered suitable within the safety framework of Anchorage. Two other, smaller tokens, Agora USD (Ausd) and the usual USD (USD0)They were also designed to remove. Stablecoins are cryptocurrencies with their prices bound to an external asset, mostly with the US dollar.
“After our Stablecoins’ security matrix, USDC, AUSD and USD0 no longer meet the internal criteria of Anchorage Digital for long -term durability,” said Rachel Anderika, head of global operations in Anchorage, and declaration justification of the decision. “Specifically, we have identified the increased concentration risks associated with their publisher structures – something we believe that institutions should carefully evaluate.”
“Anchorage Digital focuses on supporting stablecoins that show strong transparency, independence, safety and harmonization with future regulatory expectations,” she added.
Stablecoin race is warming up
This step came at a time when the competition on the Stablecoin market warms up with global banks, payment companies and crypto companies that are behind the position in the fast -growing sector.
The US Senate has recently passed the Genius Act, which aims to set clear rules for the class of assets and issuers that could open the gates for wider acceptance. On Friday, Crypto Czar David Sacks at the White House suggested that the bill can become the law next month and wait for the passage in the House of Representatives.
News Cite and Chartered Standard The reports assumed that the asset class would grow from the current $ 250 billion per trillion in the next few years. Ring (CRCL)The company for the USDC token, recently was public and increased sharply in the award.
Anchorage gave USDC score 2 out of 5 for regulatory supervision and reserves management. The report stated that “there was no factual supervision of cautious” and this circle had a large – about 15% – the amount of their reserves held in cash in banks. In particular, the USDC designed temporarily in March 2023, when the partner bank Silicon Valley Bank dropped. Tether’s USDT, the world’s largest stablecoin, had a higher rating with Anchorage, which was directed to regulate in Salvador.
S&P rated USDC “Strong”, its second best assessment in its stability stability Stablecoin. Bluechip, cryptoral rating company, gave USDC and B+ evaluation in its evaluation of economic security.
The leaders in the field are pushing back
The decision of Anchorage met a wild pushback.
Nick van Eck, whose firm agora releases Ausd, defendant Anchoring the distortion of the facts about his stablecoin and cannot publish his commercial interest in the global dollar. USDG is released From Paxos A, it is supported by the consortiums of companies that share revenues from reserve assets supporting tokens. Anchorage is a founding partner in this consortium.
“If anchorage has just eliminated USDC and AUSD to prefer stablecoins that they are of economic interest, I would understand it as a business decision,” he said in X Post. “But an attempt to delegitimize AUSD and USDC for” security concerns “, while consciously publishing false information is immense and bizarre.”
“I have never seen such an obvious hit that was so badly executed,” said Viktor Bunin, a protocol specialist at Digital Asset Exchange Coinbase. Coinbase triggered together USDC with Circle in 2018 and sharing revenue from reserve activated token.
Jan van Eck, father of Nick Van Ecka and the CEO of asset manager Van Eck, who manages the supporting assets of AUSD, also questioned risk assessment.
“If you need laughter, look at this” security “mattress before anchorage pulls it down. According to the matrix, USDC Circle is (The second largest stablecoin in the world) and ausd (supported by 100% of the cashiers) have problems with reserve, “he published On X. “Oh, and by the way, the AUSD reserve manager is regulated by various regulators.”
Circle, in his statement sent by Coindesk, prevented the company “Long -term compliance record” and “strong legend of the leading industry”.
“In accordance with the prevailing US regulatory standards that apply to leading companies FINTET and Payments, we were the first Stablecoin issuer to achieve the full compliance with the European Union,” the spokesman of the circle said. “USDC is 100% supported by fiat denominated reserves and has robust primary liquidity through a well -developed bank network, which is what we consider to be the highest level of transparency, safety and operational resistance in our industry.”
Support came for Circle and Agora outside the camp of two stablecoins.
“For record, Bitgo does not consider USDC support,” said Chen Fang, main income officer in Crypto Custodian Bitgo.
“Agora and Circle are our long -term partners and our customers expect safe, transparent rails to settle USD,” said Joshua Lim, the co -founder of the Crypto Prime Broker Falconx, added that his company “is ready to support clients using AUSD and USDC”.
