The licensed crypto bank Anchorage Digital will cease its participation in the Global Dollar Network consortium, which is behind the promotion of the stablecoin USDG, as 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, with the market capitalization of the US dollar-pegged asset standing at approximately $3 billion.
“We continue to support this project, want it to succeed, and remain a part of it. However, we probably no longer play as leading a role as before,” said Anchorage co-founder and CEO Nathan McCauley in an interview.
According to him, instead of actively promoting USDG, the company intends to adopt a more neutral approach. Anchorage has itself become a stablecoin issuer, and currently, around 20 banks and tech giants are considering the possibility of jointly issuing tokens with it.
In May, the money transfer service Western Union utilized Anchorage’s services for the issuance of the USDPT coin, created on Solana.
“As we have become a branded issuer for many groups, you start to think about the incentive structure and whether everything still aligns with reality,” McCauley added.
Earlier, CIO of Bitwise Matt Hougan predicted the growth of the stablecoin segment’s capitalization to $4 trillion, driven by partnerships between corporations and crypto projects.