Anchorage ‘Safety Matrix’ faces backlash over stablecoin delistings

Anchorage Digital is drawing criticism from at least one stablecoin issuer after announcing plans to phase out support for three stablecoins, citing “regulatory expectations” and internal risk assessment.

Nick van Eck, co-founder and CEO of Agora, criticized Anchorage’s move to remove support for stablecoins USDC (USDC), Agora USD (AUSD), and Usual USD (USD0) in a Thursday X post, claiming the decision was based on “easily verifiable and known factual inaccuracies.”

He said that Anchorage failed to disclose its relationship with stablecoin issuer Paxos, which could potentially benefit from the phasing out of tokens issued by other platforms.

Anchorage was one of the first crypto companies to hold a US banking charter. In a Tuesday notice, the company said it had launched a stablecoin “safety matrix” in an attempt to evaluate tokens based on the regulatory guidelines for their issuers. As part of the move, the company said it planned to phase out USDC, AUSD and USD0.

Anchorage’s stablecoin safety matrix. Source: Anchorage Digital

“Following our Stablecoin Safety Matrix, USDC, AUSD, and USD0 no longer satisfy Anchorage Digital’s internal criteria for long-term resilience,” said Anchorage Digital‘s head of global operations, Rachel Anderika. “Specifically, we identified elevated concentration risks associated with their issuer structures—something we believe institutions should carefully evaluate.”

Anchorage anticipates GENIUS Act

Anchorage’s “safety matrix,” which van Eck labeled as the “Genius Bill as a Service,” would include stablecoins in preparation for the US government potentially passing the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act.

The company said the assessment also included an evaluation of the stablecoin’s liquidity, depeg history, and concentration risk. Under the framework, Anchorage considered the tokens as not to meet regulatory expectations for the United States.

Combined, AUSD and USD0 make up a tiny slice of the stablecoin market, with around $700 million in value compared to USDC’s $61 billion. Circle, the issuer behind USDC, recently made its Wall Street debut, drawing strong investor interest as stablecoins continue to move toward broader institutional adoption.

Circle and Agora are both headquartered in the US, while Usual is based in Paris. Cointelegraph reached out to a spokesperson for Circle but had not received a response at the time of publication.

Related: Coinbase considering applying for US banking license

“If Anchorage had just delisted USDC and AUSD to prioritize the stablecoins that they have an economic interest in, I would understand it as a business decision,” said van Eck. “Private businesses can and should act in their own interests. But attempting to delegitimize AUSD and USDC for ‘security concerns,’ while knowingly publishing false information, is unserious and bizarre.”

Source: Nick van Eck

Stablecoin bill under consideration in US Congress, MiCA required in EU

The GENIUS Act is closer to becoming law after passing the US Senate on June 17. US President Donald Trump suggested he would sign the bill with “no add-ons” from the House of Representatives as soon as possible.

Many stablecoin issuers based outside the US have likewise made efforts to meet updated regulatory guidelines in different jurisdictions, but some have intentionally skipped compliance.

Paolo Ardoino, CEO of stablecoin company Tether, the issuer behind USDt (USDt), said he had no plans to register under the European Union’s Markets in Crypto-Assets (MiCA) framework, claiming it was risky for stablecoins. Some exchanges have already delisted USDt and other stablecoins to be MiCA-compliant.

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