Anchorage Digital steps back from leading USDG stablecoin alliance, favoring a neutral multi-issuer stablecoin market.

Anchorage Digital, the first federally chartered U.S. crypto bank, is stepping back from its leadership role in the Global Dollar (USDG) stablecoin alliance to maintain neutrality as a stablecoin issuer and custodian. This move reflects a shift toward a fragmented, multi-issuer stablecoin ecosystem rather than a single dominant token. USDG, issued by Paxos Singapore and regulated by MAS, will continue circulating with support from alliance members like Robinhood and Kraken. Anchorage aims to serve as a neutral platform enabling multiple institutions to launch their own stablecoins, signaling a broader industry trend toward diverse, regulated digital dollars competing and interoperating across various networks and regulatory frameworks.