PANews reported on May 12th, citing CoinDesk, that Anchorage Digital, the first federally chartered crypto bank in the US, announced it will reduce its involvement in the global USD stablecoin (USDG) consortium. Members of this consortium include Robinhood, Kraken, Galaxy Digital, OKX, and Visa, with approximately $3 billion in USDG in circulation. Anchorage CEO Nathan McCauley stated that the company will continue to support USDG but will no longer play a leading role, shifting towards a more neutral stablecoin stance.

Meanwhile, Anchorage is serving the stablecoin issuance needs of approximately 20 banks and tech giants as a white-label issuer and has partnered with the issuance platform M0. McCauley stated that serving multiple institutions requires a rethinking of incentive mechanisms and alignment of interests.