Anchorage withdraws from Robinhood and Kraken-backed stablecoin group

Anchorage Digital, the sole federally chartered crypto bank in the US, is withdrawing from a leadership role in the USDG stablecoin consortium, which includes major backers like Robinhood and Kraken. CEO Nathan McCauley stated the decision is driven by a desire for "increased neutrality" regarding stablecoins and to avoid being perceived as aligned with any single project. While Anchorage will remain a participant and supports USDG's success, it is handing over leadership to other backers. This move is linked to Anchorage's federal charter obligations. The USDG stablecoin was launched in late 2025 by a consortium to offer a neutral alternative to dominant stablecoins like Tether's USDT and Circle's USDC. The immediate impact on investors is expected to be minimal, but Anchorage's decision signals a growing distinction between infrastructure services and product advocacy for regulated crypto firms. For Robinhood and Kraken, a proprietary stablecoin offers direct revenue opportunities.

(Source：Crypto Briefing)