Anchorage Digital, a federally chartered crypto bank, has announced the delisting of several stablecoins, including USDC, following an internal safety analysis.
Announcement from Anchorage Digital
This week, Anchorage Digital released a ‘Stablecoin Safety Matrix’ evaluating digital dollar tokens based on regulatory oversight and reserve quality. USDC, Agora USD (AUSD), and Usual USD (USD0) did not meet the firm’s internal criteria and will be phased out.
Anchorage urged its institutional clients to switch to Global Dollar (USDG), a competing stablecoin issued by Paxos.
Reactions to the News
Anchorage's decision has drawn sharp criticism from key players in the crypto space. Nick Van Eck, founder of Agora and issuer of AUSD, accused the firm of spreading misinformation and lacking transparency. He stated that the company could have delisted USDC to promote more profitable stablecoins, but doing so under the guise of safety is unprofessional.
Viktor Bunin from Coinbase also criticized Anchorage's report, describing it as a poorly executed attack on competitors.
Future of the Stablecoin Market
Despite Anchorage’s move, other evaluators still view USDC favorably. Recently, S&P Global awarded USDC a high stability rating. At the same time, notable legislative initiatives continue to evolve in the regulatory approach to stablecoins. Competition in the sector is becoming increasingly fierce.
The situation surrounding Anchorage Digital highlights the tension in the stablecoin market and the necessity for investors and users to closely monitor changes. Trust between market participants remains a key factor.
