Anchorage Digital Bank Plans to Expand Stablecoin Team Amid New Partnership

According to PANews, Anchorage Digital Bank NA, the only cryptocurrency-native company with a U.S. federal banking license, intends to more than double its stablecoin team within the next year. Currently, the team consists of approximately 20 members, as stated by Anchorage CEO Nathan McCauley. The federal license allows Anchorage to issue large stablecoins in the U.S. under the Genius Act. Before this expansion, Anchorage entered into a partnership with Tether earlier this month to issue a new digital dollar compliant with U.S. regulations. Anchorage will serve as the legal issuer of the new token, USAT, while Cantor Fitzgerald LP will oversee the reserve assets of USAT. McCauley noted that Anchorage's stablecoin team will collaborate with USAT on compliance, legal operations, and business development, exploring ways for other enterprises to utilize the token. Initially, USAT will be distributed through platforms like Rumble Inc., a video-sharing site backed by Tether investments. However, McCauley also aims to attract large institutions to adopt the token.