Anchorage Digital, Issuer of Tether's USAT Stablecoin, Cuts 17% of Workforce
Key Takeaways
- •Anchorage Digital has reportedly reduced its workforce by 17% amid an extended bear market weighing on the cryptocurrency industry.
- •Chief Executive Nathan McCauley informed employees of the layoffs during the current week, according to people familiar with the matter rather than an official company statement.
- •Anchorage Digital became the first company to receive a federal banking charter for a digital asset bank from the OCC, granted in January 2021.
- •The firm acts as the issuing bank for USAT, Tether's US-regulated, dollar-backed stablecoin, placing the token within the US banking perimeter.
- •The report does not specify how the reductions will be distributed across Anchorage's custody, trading, staking, or USAT issuance operations.
Anchorage Digital, Issuer of Tether's USAT Stablecoin, Cuts 17% of Workforce
Anchorage Digital, the federally chartered crypto bank that issues Tether's USAT stablecoin, has reportedly reduced its workforce by 17% as a prolonged bear market weighs on the digital asset sector. Chief Executive Nathan McCauley informed employees of the cuts during the current week, according to people familiar with the matter, as reported by COINOTAG.
About Anchorage Digital
Founded in 2017 by Nathan McCauley and Diogo Mónica, Anchorage Digital became the first company to receive a federal banking charter for a digital asset bank from the Office of the Comptroller of the Currency (OCC), granted in January 2021. A national charter places a bank under OCC supervision — the same regulatory footing as traditional lenders — whereas most crypto firms serve customers under state-level money transmitter licenses. Operating as Anchorage Digital Bank, N.A., the institution provides custody, trading, staking, and other digital asset services to institutional clients.
Role as USAT Issuer
Anchorage Digital serves as the issuing bank for USAT, the US-regulated, dollar-backed stablecoin launched by Tether. Tether is the issuer of USDT, the largest stablecoin by circulation, and introduced USAT as its regulated offering for the United States market, with Anchorage Digital Bank acting as its issuing institution. The structure is a distinguishing feature in the stablecoin market: USAT's dollar-backed design is intended to track the US dollar, and its issuance runs through a federally supervised bank rather than a non-bank entity, placing the token within the US banking perimeter.
Sector Context
According to the report, the workforce reduction comes as the cryptocurrency industry contends with an extended bear market that has placed sustained pressure on companies across the sector. The 17% figure is attributed to people familiar with the matter rather than a public company statement, and the report does not specify how the reductions will be distributed across Anchorage's custody, trading, staking, or USAT issuance operations.
This content was first published on COINOTAG: https://en.coinotag.com/anchorage-digital-cuts-17-percent-workforce-usat-stablecoin
