Cryptocurrency custody service company Anchorage Digital has become embroiled in controversy after announcing a phased withdrawal of support for three stablecoins. While citing 'regulatory expectations' and internal risk assessment as the basis for this decision, some in the industry criticize it as a measure favorable to specific companies.
Nick van Eck, co-founder and CEO of Agora, strongly objected to Anchorage's actions on X (formerly Twitter), arguing that the decision was "not based on clearly verifiable facts". He pointed out that while discontinuing support for USDC, Agora USD (AUSD), and Useral USD (USD0), Anchorage did not properly disclose its relationship with Paxos. Paxos is a stablecoin issuer that could potentially replace competing stablecoins and stands to benefit from this action.
Anchorage, one of the first cryptocurrency companies to receive a US bank charter, has consistently emphasized regulatory compliance. The company recently introduced a new 'Stablecoin Safety Assessment Matrix' that primarily evaluates stablecoin issuers' level of regulatory guideline adherence. Accordingly, Anchorage announced plans to gradually withdraw support from previously supported stablecoins like USDC, AUSD, and USD0.
Following this announcement, market concerns have spread regarding the transparency and fairness of Anchorage's evaluation criteria and potential conflicts of interest with specific companies. Given that trust is crucial in the stablecoin ecosystem, attention is focused on what ripple effects this decision might create in the market.
Real-time news...Go to Token Post Telegram
<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>
