Tether-Backed Anchorage Digital Cuts 17% of Staff, About 68 Jobs

Anchorage Digital, the first digital asset bank to hold a US federal charter, has completed a workforce reduction affecting 17% of its staff, or approximately 68 jobs. Chief Executive Nathan McCauley notified every employee of the decision during the past week, and the company confirmed the move as of October 3.

The reduction draws added attention because of the company's regulatory profile. Anchorage Digital received a national trust bank charter from the Office of the Comptroller of the Currency (OCC) in January 2021, becoming the first crypto-native company to operate as a federally chartered bank in the United States. That charter places the firm under the OCC's ongoing federal supervision, and the company provides institutional services including digital asset custody, trading, and staking for institutional clients — a combination that makes its headcount decisions a visible data point for the regulated segment of the US crypto industry.

Tether, the issuer of the USDT stablecoin, is among the company's most prominent backers. Tether led a $350 million funding round for Anchorage Digital in December 2021, valuing the company at more than $3 billion at the time. Measured against that valuation, the confirmed 17% reduction marks a clear change in scale for the first crypto-native firm to operate as a federally chartered bank in the United States.

What to watch next is any further detail from the company on how the reduction affects its custody, trading, and staking operations under the federal charter.

This content was first published on COINOTAG: https://en.coinotag.com/anchorage-digital-cuts-17-of-staff-tether-usdt-backing