Why this matters now: Stablecoin giant Tether says Anchorage Digital Bank, N.A will issue its new U.S.-regulated, GENIUS-compliant stablecoin USA₮. — the only U.S. national (OCC-chartered) crypto bank. This positions Anchorage at the center of on-shore stablecoin issuance just as U.S. policy (GENIUS Act) and institutional demand converge (Source: tether.io).
Read our report on the USAT launch here.
Who owns Anchorage & what it does
Anchorage Digital is a privately held group founded in 2017 by Nathan McCauley (CEO) and Diogo Mónica (President). At the holding-company level it has been backed by KKR (Series D lead), a16z, Goldman Sachs, GIC, Visa and others; the Series D (Dec-2021) valued the business at >$3bn. The operating bank, Anchorage Digital Bank, N.A., is a federally chartered national trust bank regulated by the OCC (Sources: anchorage.com)
Core activities: institutional qualified custody, trading/prime brokerage, staking & governance, settlement, and white-label stablecoin issuance—now including the USA₮ mandate. The firm also runs regulated entities in New York (BitLicense) and Singapore (MAS Major Payment Institution) to serve global clients (Source: anchorage.com).
Regulatory status: OCC granted the national trust charter in 2021; a 2022 OCC consent order relating to BSA/AML has since been terminated (Aug-18, 2025) after remediation (Sources: OCC.gov+1).
Scale & relationships: Anchorage cites “tens of billions” of assets under custody and has been added to BlackRock’s crypto custody network in 2025—both notable signals for institutional diligence.
Quick view — Summary table
| Topic | Snapshot |
|---|---|
| Trading name | Anchorage Digital |
| Website | www.anchorage.com |
| Legal entities | Anchorage Digital Bank, N.A Anchor Labs, Inc Anchorage Hold, LLC Anchorage Lending CA, LLC Anchorage Services, LLC |
| Charter / Regulator | National trust bank (OCC); consent order terminated 18 Aug 2025. |
| Business lines | Institutional custody, trading/prime, staking, settlement, stablecoin issuance (white-label). |
| Investors / Valuation | $350m Series D (Dec-2021) led by KKR; valuation >$3bn. |
| Key licenses | OCC national trust, NYDFS BitLicense (Dec-2024), MAS Major Payment Institution (Nov-2024). |
| Role in USA₮ | Issuer of Tether’s planned GENIUS-compliant USA₮; Cantor Fitzgerald to safeguard reserves. |
| Scale signals | “Tens of billions” AUC; BlackRock added Anchorage as a custodian (Apr-2025). |
Competitive landscape (U.S.)
Crypto-native custodians / trust companies
- Coinbase Custody Trust (NYDFS limited-purpose trust) — scale, exchange adjacency. coinbase.com+1
- BitGo Trust (SD & NY trusts) — long-standing institutional custody. sec.gov+1
- Paxos Trust (NYDFS) — regulated issuer of USDP/PYUSD; seeking national trust charter. paxos.com+1
- Fidelity Digital Asset Services (NYDFS trust) — TradFi brand, institutional focus. fidelitydigitalassets.com+1
Global custodians entering crypto
- BNY Mellon — U.S. digital-asset custody live since 2022; expanding tokenization services. bny.com+1
Anchorage’s edge vs peers: the only OCC-chartered national trust bank today (federal preemption/standards), plus multi-jurisdiction coverage (NYDFS BitLicense; MAS license) and now stablecoin issuance at scale via USA₮. OCC.gov+2anchorage.com+2
Is there a similar “crypto bank” in the EU?
Not quite in the same legal sense. The EU lacks a single federal bank charter; instead, banks or EMIs operate under national licenses passported across the EU. Several EU banks now hold crypto custody licenses (notably Commerzbank under BaFin; Coinbase Germany was first to get BaFin’s crypto custody license; Deutsche Bank has applied and is preparing a launch). But none mirrors Anchorage’s U.S. national trust bank status. On stablecoins, Circle is MiCA-compliant via a French EMI; AllUnity (DWS JV) has BaFin approval to issue a euro stablecoin. Tether has not announced a MiCA-compliant coin. Reuters+4commerzbank.de+4coindesk.com+4
Strategic read-through: USA₮ + Anchorage
For Anchorage: Becoming USA₮ issuer could accelerate stablecoin-as-a-service revenues (issuance, compliance ops, treasury/settlement flows) and deepen relationships with exchanges, broker-dealers, and banks that prefer a GENIUS-compliant rail. The fresh termination of the OCC order removes a headline overhang; combined with BitLicense and MAS coverage, Anchorage is well-positioned to intermediate on-shore dollars while maintaining global connectivity. anchorage.com+3tether.io+3OCC.gov+3
For the market: USA₮ introduces a two-brand Tether (USDT offshore / USA₮ on-shore). Competitively, this pressures USDC and prompts other issuers (e.g., Paxos) to seek federal charters. Expect fee/margin compression in custody/issuance as regulated capacity expands. Reuters
Bottom line
Anchorage is moving from “custody-first” to infrastructure linchpin for U.S.-regulated stablecoins. With a unique federal bank charter, cleaned-up supervisory posture, and marquee relationships, it’s well placed to capture USA₮-driven flows and adjacent institutional business—while facing capable competitors (Coinbase, BitGo, Fidelity, BNY, Paxos). In the EU, no true analogue exists, though BaFin-licensed banks narrow the gap. Execution around USA₮ and continued regulator-grade controls will determine how much of this opportunity converts into durable economics.
