Anchorage Digital announced support for three stablecoins with “regulatory expectations” and internal risk assessments, which has drawn criticism from at least one Stablecoin issuer.
Nick Van Eck, co-founder and CEO of Agora, criticize Anchorage’s move to remove support for stable USDC (USDC), Agora USD (AUSD) and the usual USD (USD0) claimed in Thursday’s X post that the decision was based on “easy to verify and known facts are inaccurate”.
He said Anchorage failed to disclose its relationship with Stablecoin issuer Paxos, which could benefit from the elimination of tokens issued by other platforms.
Anchorage is one of the first crypto companies to hold the Bank of America charter. In a notice Tuesday, the company said it had emission A stable “security matrix” attempting to evaluate tokens based on regulatory guidelines of its issuers. As part of the move, the company said it plans to phase out USDC, AUSD and USD0.
“Following our Stablecoin security matrix, USDC, AUSD and USD0 no longer meet Anchorage Digital’s long-term internal standards for resilience,” said Rachel Anderika, Global Head of Operations at Anchorage Digital. “Specifically, we identified the higher centralized risks associated with issuer structures – we believe institutions should evaluate carefully.”
Anchorage Expected Genius Law
Anchorage’s “Security Matrix” (Van Eck) is marked as “Genius Act for a Service” and will include stablecoins in preparation for the potential U.S. government guidance and building national innovations through guidance and building stability for the U.S.
The company said the assessment also includes an assessment of Stablecoin’s liquidity, DEPEG history and centralized risks. Under the framework, Anchorage believes that the token does not meet the regulatory expectations of the United States.
Merger, AUSD and USD0 form a small part of the Stablecoin market, worth approximately $700 million Comparative to USD 61 billion. Circle, the issuer behind USDC, recently First appearance on Wall Streetattracting strong investor interest as stables continue to move towards wider institutional adoption.
Both Circle and Agora are headquartered in the United States, and are usually located in Paris. Cointelegraph contacted a spokesperson but received no response at the time of publication.
Related: Coinbase considers applying for a U.S. bank license
“If Anchorage just gave USDC and AUSD a certainty priority that prioritizes its economic interests, I would understand that this is a business decision,” Van Eck said. “Private businesses can and should act in their own interests. But it is unconfidence and exotic to try to make AUSD and USDC authorize AUSD and USDC while intentionally publishing false information.”
The U.S. Congress is considering stability bill, EU needs mica
The Genius Law is closer to becoming law Passed the U.S. Senate On June 17, U.S. President Donald Trump suggested that he sign the bill as soon as possible with the House of Representatives “no add-ons.”
Many Stablecoin issuers outside the United States are also working to meet the latest regulatory guidelines in different jurisdictions, but some intentionally skip compliance.
Stablecoin Company Tether CEO Paolo Ardoino is the issuer behind USDT (USDT) said he has no plans to register under the EU market under the cryptoasset (MICA) framework, claiming that this is risky to Stablecoins. Some exchanges have already made USDT and other stabilizers consistent with mica.
Magazine: The Genius Act reopens the door to metastability, but will it work?
