Anchorage Digital Partners With M0 Stablecoin Platform, Plans to Serve Multiple Issuers

Anchorage Digital is partnering with stablecoin issuance platform M0 and has a pipeline of 20 firms looking for help to issue stablecoins, its co-founder and CEO Nathan McCauley said. , will take a back seat to the Global Dollar stablecoin (USDG) consortium, which includes Robinhood and Kraken. USDG has a circulating supply of around $3 billion.

It is issued by Paxos Digital Singapore and supervised by the Monetary Authority of Singapore. Other members of the USDG consortium include Galaxy Digital, OKX, Visa, Worldpay and Bullish. “We're still supportive of it, and want to see it succeed, and are still part of the thing,” said Anchorage Digital co-founder and CEO Nathan McCauley in an interview.

McCauley said Anchorage Digital will take a more neutral approach on stablecoins because it is becoming a white-label stablecoin issuer for many different groups and must consider incentive structures and alignment. He added that previously the firm might have been boosting USDG specifically.

“I think one of the things you're gonna see from us is increased neutrality on the stablecoins,” Nathan McCauley said.

With us becoming a white-label stablecoin issuer for so many different groups, you start to think about what's the incentive structure, and is everything still aligned, McCauley said. Anchorage Digital recently mentioned as many as 20 banks and tech giants are currently looking to issue stablecoins with the San Francisco-based custody firm.

In April, Anchorage said it would partner with stablecoin issuance platform M0, which works with MetaMask and Bridge.

CoinDesk reported the developments.