Anchorage is stepping back from Robinhood and Kraken-backed stablecoin group

Anchorage Digital, the first federally chartered crypto bank in the U.S., says it will take a back seat to the Global Dollar stablecoin (USDG) consortium, which includes Robinhood and Kraken.

USDG, which has a circulating supply of around $3 billion, is issued by Paxos Digital Singapore and supervised by the Monetary Authority of Singapore. Other members include Galaxy Digital, OKX, Visa, Worldpay and Bullish (the owner of CoinDesk).

“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. “But maybe not as up-front of a role as before.”

McCauley said that previously, Anchorage might have been boosting USDG specifically, but now the firm will take a more neutral approach. “I think one of the things you’re gonna see from us is increased neutrality on the stablecoins. It just makes sense to be neutral and not specifically be pushing any one stablecoin.”

Anchorage 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.

“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.

Paxos did not respond to requests for comment by press time.