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Anchorage Dumps USDC and AUSD, Pushing Its Own Stablecoin—and Sparking Crypto Industry Uproar
Anchorage Digital sent shockwaves through the crypto world by delisting three major stablecoins from its platform. The company removed USDC, Agora USD (AUSD), and Usual USD (USD0) after evaluating them through its internal “Stablecoin Safety Matrix.” This decision has institutional clients scrambling and the broader crypto community crying foul.
The Safety Matrix sounds official, but it’s fundamentally Anchorage’s private scorecard for stablecoins. The company claimed these tokens failed to meet standards for regulatory oversight and reserve quality. Yet here’s where things get spicy: USDC currently holds 40% U.S. Treasury bills and 30% commercial paper in its reserves, meeting standard transparency requirements. USDC maintains monthly attestations to verify the real dollar backing of every token in circulation. Most institutions consider both USDC and AUSD perfectly compliant.
What’s really happening appears more strategic than safety-focused. Anchorage is pushing clients toward Global Dollar (USDG), a stablecoin issued by Paxos where Anchorage happens to be a founding consortium member. Think of it as a restaurant suddenly declaring all sodas unhealthy except the one they make in-house.
Anchorage delisted major stablecoins while pushing clients toward USDG, where they’re conveniently a founding consortium member.
The timing seems particularly odd given the regulatory landscape. The EU’s MiCA framework recently recognized USDC as “significant” in Germany, while the proposed US GENIUS Act aligns closely with USDC’s existing reserve structure. Anchorage’s move runs counter to this regulatory momentum. As a federally chartered crypto bank, Anchorage’s decision carries extra weight in shaping institutional practices.
Industry professionals aren’t buying the official explanation. Many view this as commercial theater disguised as risk management. The delisting triggered immediate sell-offs and added unnecessary volatility to an already jittery market. Some traders see opportunity in the chaos, ready to scoop up discounted tokens. USDC trading volume dipped 15% post-announcement despite experiencing no actual liquidity stress or operational issues.
The broader implications extend beyond Anchorage’s platform. This episode highlights how custody providers can shape market dynamics through seemingly technical decisions. When major players start picking favorites among stablecoins, it creates trust issues across the ecosystem.
For everyday crypto users, the message remains clear: dyor on where you park your stablecoins. Anchorage’s move demonstrates that even established platforms can make sudden changes that affect your holdings. The stablecoin wars are heating up, and institutional politics are now part of the game.
