Anchorage is stepping back from Robinhood and Kraken-backed stablecoin group
Analysis
Price Impact
LowAnchorage digital stepping back from the global dollar stablecoin (usdg) group is a strategic shift for the firm, aiming for increased neutrality in the stablecoin market. while usdg is backed by major players like robinhood and kraken, anchorage's reduced role doesn't signal an immediate collapse or major price movement for usdg itself, but rather a diversification of anchorage's focus as they eye white-labeling stablecoin issuance for up to 20 other firms.
Trustworthiness
MedPrice Direction
NeutralThe news suggests anchorage is moving towards a more neutral stance on stablecoins overall, rather than expressing any negative sentiment specifically towards usdg. their involvement is diminishing from a leading role to a supportive one, which shouldn't directly cause a price drop unless it implies a broader weakening of the usdg project's support structure, which is not explicitly stated.
Time Effect
ShortThe immediate impact on usdg's price is likely to be minimal. the market will watch for any follow-up actions or statements from other consortium members and anchorage itself. a longer-term effect could materialize if anchorage's pivot to broader stablecoin issuance leads to a significant diversification of market participants and potentially affects competition or the overall landscape of stablecoin adoption.
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Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Anchorage is stepping back from Robinhood and Kraken-backed stablecoin group Anchorage Digital co-founder and CEO Nathan McCauley said there will be ‘increased neutrality’ from his firm on stablecoins. By Ian Allison | Edited by Stephen Alpher May 11, 2026, 4:30 p.m. 1 min read Make preferred on Anchorage Digital CEO Nathan McCauley What to know : Anchorage, which is partnering with stablecoin issuance platform M0, says it has a pipeline of 20 firms looking for help to issue stablecoins. Becoming a white-label stablecoin issuer for so many different groups, requires thinking about incentive structures and if everything is still aligned, CEO McCauley said. Anchorage Digital, the first federally chartered crypto bank in the U.S., says it will take a back seat to the Global Dollar stablecoin (USDG) consortium, which includes Robinhood and Kraken. USDG, which has a circulating supply of around $3 billion, is issued by Paxos Digital Singapore and supervised by the Monetary Authority of Singapore. Other members include Galaxy Digital, OKX, Visa, Worldpay and Bullish (the owner of CoinDesk). “We're still supportive of it, and want to see it succeed, and are still part of the thing,” said Anchorage Digital co-founder and CEO Nathan McCauley in an interview. “But maybe not as up-front of a role as before.” McCauley said that previously, Anchorage might have been boosting USDG specifically, but now the firm will take a more neutral approach. “I think one of the things you're gonna see from us is increased neutrality on the stablecoins. It just makes sense to be neutral and not specifically be pushing any one stablecoin.” Anchorage recently mentioned as many as 20 banks and tech giants are currently looking to issue stablecoins with the San Francisco-based custody firm. In April, Anchorage said it would partner with stablecoin issuance platform M0, which works with MetaMask and Bridge. “With us becoming a white-label stablecoin issuer for so many different groups, you start to think about what's the incentive structure, and is everything still aligned,” McCauley said. Paxos did not respond to requests for comment by press time. More For You Why the TradFi takeover of crypto might not be the death blow analysts expect By Olivier Acuna | Edited by Oliver Knight 1 minute ago Gate’s CBO argues that Bloomberg’s warning of a TradFi takeover is "oversimplified," noting that global exchanges evolved past fee-only models years ago. What to know : Morgan Stanley is launching crypto trading on its E*Trade platform with a 50-basis-point fee, undercutting rivals like Coinbase, Robinhood and Schwab and intensifying a price war in digital-asset trading. Traditional finance analysts say the move could sharply compress margins for U.S. crypto exchanges, while crypto-native executives argue that global platforms... Read full story Latest Crypto News Why the TradFi takeover of crypto might not be the death blow analysts expect 1 minute ago Banking groups escalate fight over stablecoin yield ahead of Senate vote 1 hour ago Corpay taps BVNK to bring stablecoin wallets to corporate payments 1 hour ago The biggest consensus overhaul in Solana history is officially live for testing 2 hours ago Ripple raises $200 million from Neuberger Berman to expand its Ripple Prime platform 2 hours ago CoinDesk 20 performance update: SUI surges 25% over weekend 3 hours ago Top Stories Circle raises $222 million for Arc, beats Q1 earnings estimates but misses on revenue 5 hours ago Strategy buys 535 bitcoin for $43 million days after signaling potential BTC sales 4 hours ago Canton Network’s Digital Asset targets $2 billion valuation in a16z crypto-led raise: Bloomberg 6 hours ago Bitcoin whipsaws on CME open as Iran tensions pressure crypto markets 6 hours ago Michael Saylor’s latest tax strategy echoes Strategy’s 2022 bitcoin sale 5 hours ago Ronin set to transition to Ethereum layer 2 from independent sidechain 4 hours ago