U.S. Crypto Bank Anchorage Announces Phased Elimination of USDC and Others, Faces 'Conflict of Interest' Criticism from Industry

Anchorage Digital, a federally chartered cryptocurrency bank in the U.S., announced this week that it would begin phasing out certain stablecoins, including USDC, for its institutional investor clients. The company released a 'Stablecoin Safety Matrix' report based on regulatory oversight and reserve asset management, explaining that USDC, AUSD, and USD0 do not meet the internal criteria for long-term resilience. The report assessed USDC, noting that 'it primarily operates under a U.S. Money Transmitter License without substantial prudential supervision.' The company mentioned that the MiCA license for USDC would provide higher prudential oversight...