INSUBCONTINENT EXCLUSIVE:
Anchorage Digital is drawing criticism from at least one stablecoin issuer after announcing plans to phase out support for three
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
guidelines for their issuers
As part of the move, the company said it planned to phase out USDC, AUSD and USD0
would include stablecoins in preparation for the US government potentially passing the Guiding and Establishing National Innovation for US
Stablecoins, or GENIUS Act
Under the framework, Anchorage considered the tokens as not to meet regulatory expectations for the United States
Circle, the issuer behind USDC, recently made its Wall Street debut, drawing strong investor interest as stablecoins continue to move toward
to a spokesperson for Circle but had not received a response at the time of publication.Related: Coinbase considering applying for US
after passing the US Senate on June 17
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
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.Magazine: GENIUS Act reopens the door for a Meta
stablecoin, but will it work?
