Anchorage Digital, a bank providing crypto custody services, announced its decision to recommend institutional clients to shift away from specific stablecoins.
Anchorage Digital Recommendations
Anchorage Digital has advised its institutional clients to divest from stablecoins such as USDC, Agora USD (AUSD), and Usual USD (USD0), suggesting a switch to Global Dollar (USDG). This decision has sparked significant debate within the crypto industry.
Stablecoin Evaluation
In its "Stablecoin Security Matrix" report, Anchorage assessed stablecoins based on criteria such as regulatory oversight and reserve asset management. "USDC, AUSD, and USD0 no longer meet Anchorage Digital’s long-term durability criteria," said Rachel Anderika, Head of Global Operations.
Industry Reaction
Anchorage's decision received backlash from key industry figures. AUSD issuer Nick Van Eck accused Anchorage of "spreading misinformation" and hiding its trading interests in the Global Dollar. Coinbase expert Viktor Bunin called it a "poorly prepared smear campaign."
Anchorage Digital's decision will draw attention to stablecoin stability and security issues, especially in the context of increasing market competition.
