PANews reported on September 25th that Anchorage Digital Bank NA, the only cryptocurrency-native company holding a US federal banking charter, plans to more than double the size of its stablecoin team over the next year, according to Bloomberg. Anchorage CEO Nathan McCauley stated that the bank's stablecoin team currently has approximately 20 people. Anchorage's federal charter allows it to issue large-value stablecoins in the US under the Genius Act.

Anchorage's expanded hiring follows a partnership this month between the bank and Tether to issue a new digital dollar compliant with U.S. regulations. Anchorage will serve as the legal issuer of the new token, USAT, while Cantor Fitzgerald LP will oversee USAT's reserve assets. McCauley said Anchorage's stablecoin team will collaborate with USAT on compliance, legal operations, and business development, exploring ways for other businesses to use the token. Initially, USAT will be distributed through platforms like Rumble Inc., a video-sharing site in which Tether has invested, but McCauley also plans to attract larger institutions to the token.