Anchorage Says It Won’t Lead USDG Project as It Pushes Stablecoin Neutrality
Summary
- Anchorage Digital said it plans to step back from a leading role in operating the USDG stablecoin project.
- Chief Executive Officer Nathan McCauley said Anchorage still supports the USDG project and will remain involved, but may not take as prominent a role as before.
- The market is watching how Anchorage’s push for greater stablecoin neutrality may affect stablecoin competition and the structure of institutional partnerships.
Forecast Trend Report by Period
Anchorage Digital said it plans to step back from a leading role in operating the USDG stablecoin project, in a move that underscores its push for greater neutrality across stablecoins.
Anchorage Digital Chief Executive Officer Nathan McCauley told CoinDesk on May 11 that the company still supports the USDG project and wants it to succeed. He added that Anchorage will continue to participate.
Still, the firm may not take as prominent a role as it has in the past.
"The change you’ll see from us is greater neutrality toward stablecoins," McCauley said. "It makes sense not to be tilted toward any particular stablecoin."
USDG is a stablecoin project involving major institutions including Robinhood and Kraken.
The market is watching how Anchorage’s strategic shift could affect competition among stablecoins and the structure of institutional partnerships. Key variables include how USDG will be run going forward and whether the group of participating institutions expands.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
