Anchorage Digital, a federally chartered crypto bank, is under fire after announcing it will delist several stablecoins, including the widely used USDC. This week, the firm released a “Stablecoin Safety Matrix” that evaluates digital dollar tokens based on regulatory oversight and reserve quality. USDC, Agora USD (AUSD), and Usual USD (USD0) failed to meet the firm’s internal criteria and will be phased out. Anchorage urged its institutional clients to switch to Global Dollar (USDG), a rival stablecoin issued by Paxos and supported by a consortium in which Anchorage itself is a founding member. “Following our Stablecoin Safety Matrix, USDC, AUSD, and USD0 no longer satisfy Anchorage Digital’s internal criteria for long-term resilience,” Rachel Anderika, head of global operations at Anchorage, said in a statement justifying the decision. She continued to say that they specifically identified elevated concentration risks associated with the issuer structures — something they believe institutions should carefully evaluate. Stablecoin race heats up as lawmakers act and Circle defends USDC Anchorage’s move comes amid a flurry of activity in the stablecoin world. Financial giants and crypto firms are vying for dominance in the $250 billion market, which Citi and Standard Chartered analysts predict could grow to the trillions. Nordic lawmakers are trying to give stablecoin issuers regulatory accommodation as well. Recent developments came from the GENIUS Act, which the US Senate passed. White House crypto policy lead David Sacks has said the bill may become law by next month. Despite Anchorage’s move, other stablecoin evaluators remain favorable toward USDC. S&P Global recently gave USDC a “strong” stability rating. The crypto-native ratings firm Bluechip gave it a B+ in economic safety. Circle, which issues USDC , pushed back on Anchorage’s claims, defending its “long-standing compliance record” and full backing by fiat reserves. “We were the first stablecoin issuer to comply fully with the EU’s crypto regulations,” a spokesperson said. Industry pushes back on Anchorage Anchorage’s move has drawn sharp criticism from key players in the crypto space. Nick Van Eck, founder of Agora and the issuer of AUSD, accused the firm of spreading misinformation and failing to disclose its financial interest in USDG. Nick Van Eck said he would have understood if Anchorage had delisted USDC and AUSD to prioritize stablecoins from which it profits. However, he criticized the firm for smearing competitors under the guise of safety, calling the move unserious. Viktor Bunin of Coinbase, which co-launched USDC, also criticized Anchorage’s report and described it as a poorly executed hit piece. Jan Van Eck, CEO of asset manager Van Eck and father to Nick, mocked the company’s safety matrix and suggested it was laughable, predicting that the firm might soon take it down. Circle reiterated that regulated institutions back USDC and maintain robust liquidity and transparency. Other custodians also supported USDC and AUSD. BitGo’s chief revenue officer, Chen Fang, said the company was not ceasing support for USDC. Agora and Circle are longtime partners in AUSD, and Joshua Lim, co-head of markets at FalconX, said the firm can accommodate the needs of clients trading AUSD and USDC. While Anchorage moves forward with its stablecoin revamp, it may face increased scrutiny of its motives and transparency. The stablecoin wars are not over — and trust, it seems, is the true currency at play. KEY Difference Wire : the secret tool crypto projects use to get guaranteed media coverage
