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One of the Largest Cryptocurrency Banks in the US Has Asked Its Customers to Sell Three Cryptocurrencies:
Anchorage Digital, a federally chartered bank that provides crypto custody services, has announced that it will be advising its institutional clients to divest from stablecoins such as USDC $USDC , Agora USD (AUSD), and Usual USD (USD0) and switch to Global Dollar (USDG) instead.
This decision brought about major debates in the crypto industry.
In support of this decision, Anchorage evaluated stablecoins according to criteria such as regulatory oversight and reserve asset management in its “Stablecoin Security Matrix” report.
“USDC, AUSD and USD0 no longer meet Anchorage Digital’s long-term durability criteria,” said Rachel Anderika, Head of Global Operations at Anchorage, in a statement, justifying this decision. Anderika said there is a risk of concentration in the issuance structures behind these assets and that this situation should be taken into account by institutional investors.
