Anchorage Digital’s Stablecoin Safety Matrix Sparks Industry Debate
Anchorage Digital, one of the first crypto companies to secure a U.S. banking charter, has drawn industry attention with its decision to phase out support for three major stablecoins: USDC, AUSD, and USD0. The company cites its newly developed ‘safety matrix’ – a framework evaluating stablecoins against evolving regulatory guidelines and internal risk parameters – as the basis for this controversial move.
Industry Pushback on Delisting Decision
The announcement prompted swift criticism from Nick van Eck, CEO of Agora, who publicly challenged Anchorage’s assessment methodology. Van Eck characterized the matrix as ‘Genius Bill as a Service’ and raised concerns about undisclosed relationships between Anchorage and competing stablecoin issuer Paxos, suggesting potential conflicts of interest in the delisting process.
Understanding the Safety Matrix Framework
According to Rachel Anderika, Anchorage’s Head of Global Operations, the matrix evaluates stablecoins across multiple dimensions:
- Regulatory compliance with current and anticipated standards
- Historical liquidity and depegging events
- Concentration risks in issuer structures
The company maintains that the delisted coins no longer meet their criteria for institutional-grade resilience.
Regulatory Developments Shaping the Landscape
This controversy emerges as U.S. lawmakers advance the GENIUS Act, potentially establishing the first comprehensive regulatory framework for stablecoins. Simultaneously, the EU’s MiCA regulations are forcing global stablecoin issuers to reassess their compliance strategies, with Tether CEO Paolo Ardoino notably declaring his company’s intention to remain outside the MiCA framework.
Broader Implications for Crypto Markets
The Anchorage decision highlights growing tensions between crypto innovators and regulators. As institutional adoption accelerates, clear standards for stablecoin evaluation become increasingly critical. The strong reaction from affected stablecoin issuers underscores the challenges of aligning technological innovation with regulatory expectations in this rapidly evolving sector.
