Anchorage Under Fire Over Stablecoin Delistings
Federally chartered cryptocurrency bank Anchorage Digital is facing mounting criticism after announcing that it would sunset support for stablecoins USDC, Agora USD (AUSD), and Usual USD (USD0). The move comes on the heels of the firm’s new Stablecoin Safety Matrix, a model it claims measures risk and regulatory fit.
But Agora CEO and ETF industry veteran’s son Nick van Eck denounced the move in public, calling the rationale “factually inaccurate” and “inconsistently applied.”
‘Safety Matrix’ and GENIUS Act Fuel Controversy
Anchorage cited delistings are a product of in-house evaluations on issuer concentration risk, liquidity, and depeg history. The company is reported to be preparing groundwork for potential regulatory adjustments, in particular the GENIUS Act, which has recently been passed in the U.S. Senate.
In Rachel Anderika’s words, who is the head of global operations for Anchorage, the firm’s safety matrix is set up to stay ahead of shifting expectations around stablecoin resiliency and transparency.
Allegations of Conflict and Market Bias
Van Eck accused Anchorage of having undisclosed ties with Paxos, a competing stablecoin issuer that could stand to benefit from the removals. “If Anchorage had just delisted USDC and AUSD to prioritize stablecoins they’re invested in, I’d understand. But publishing false claims under the guise of security is bizarre,” he wrote.
He also called the framework the “Genius Bill as a Service” and suggested it was more self-interested than compliant.
Industry Impacts and Global Context
The stablecoins being pulled are a minor share of the market—AUSD and USD0 combined constitute about $700 million, a fraction of the $61 billion of USDC. The move is problematic, however, in terms of gatekeeping and influence in the evolving regulatory landscape.
In Europe, too, the Markets in Crypto-Assets (MiCA) regime is also prompting exchanges to delist non-compliant stablecoins. Tether CEO Paolo Ardoino recently said Tether will avoid MiCA registration, citing regulatory risks.
Regulatory Landscape in Flux
With the U.S. on the verge of finalizing the GENIUS Act and MiCA taking off in the EU, stablecoin issuers are being increasingly put under the limelight and diverging on divergent paths to compliance. The move by Anchorage suggests that institutional crypto participants may begin to filter assets even before formal legislation.
Whether or not Anchorage’s “safety matrix” is a sensible precedent—or only a reflection of its own agenda—is debatable in fast-evolving stablecoin economy.
