Anchorage Digital Will Phase Out 3 Stablecoins, Claiming Risks
Anchorage Digital plans to phase out support for stablecoins USDC, Agora USD, and Usual USD, citing regulatory expectations and internal risk assessments. Nick van Eck, CEO of Agora, criticized this decision, claiming it is based on inaccuracies and suggested Anchorage's ties to Paxos could influence the move. Anchorage introduced a "stablecoin safety matrix" to evaluate tokens against regulatory guidelines, stating that the three stablecoins do not meet their criteria for long-term resilience due to concentration risks. The GENIUS Act, aimed at regulating stablecoins, is progressing in Congress. Anchorage's assessment included liquidity and depeg history. AUSD and USD0 represent a small market share compared to USDC. Tether's CEO expressed no intention to comply with the EU's MiCA framework, highlighting ongoing regulatory challenges in the stablecoin sector.
