Ancorez Digital, a Crypto Custodian and Federly Chartered Bank, said it will start to phase and direct institutional customers to replace USDC
And rival tokens other stabechoin in global dollars (USDG) In a broader step which criticized the players of the industry.
The firm “released”Stabelcoin Security Matrix“It ranks stabechoin on Tuesday based on regulatory inspection and reserved asset management.
Circle-Jari USDC, which is the second largest stabelcoin with a supply of $ 61 billion and is popular among the institutions, was not considered suitable under the protection structure of the ankrase. Two other, small tokens, agora USD (AUSD) And normal USD (USD0)Slates were also slaans to remove. Stablecoins are cryptocurrency mainly for the US dollar, bound to an external assets with their prices.
Rachel Anderica, head of global operations at Enoncorez, said, “Our StableCoin security matrix, USDC, AUSD, and the USD0 after the USD0, the head of global operations in the ank as 0 did not satisfy the internal criteria of the ankreage digital for long flexibility.” statement To justify the decision. “In particular, we identified the high concentration risks associated with their issuing structures – something that we believe that institutions should carefully evaluate.”
He said, “Encourage focuses on supporting digital stabechoin that demonstrates strong transparency, freedom, security and alignment with future regulator expectations,” he said.
Stablecoin race gets hot
The move came at a time when competition in Stabelcoin Market is heating up for a fast growing field with global banks, payment firms and crypto companies.
The US Senate has recently passed the Genius Act with a objective to make clear rules for the asset class and issuers, which can open the gate for wide adoption. On Friday, the White House Crypto Caesar David Sachs suggested that the bill may be made pending in the House of Representatives as soon as the law could be made next month.
In the report of city and standard chartered reports, asset class estimates that the current $ 250 billion is estimated to grow in the next few years. circle (CRCL)The company behind the USDC tokens recently became public and touched the valuation.
Ancorez gave the USDC a score of 2 out of 5 for regulatory oversight and reserve management. The report stated that “there was no concrete obseright inspection” and there was a large in that circle – about 15% – the amount of its store held in cash in banks. In particular, the USDC temporarily removed in March 2023 when the partner Bank went under the Silicon Valley Bank. The world’s largest Stabelcoin, Tether’s USDT, was a high rating with anchrease, indicating it to regulate it in Al Salvador.
S&P ratings “strong”, its second best rating rated in its StableCoin stability assessment. Bluechip, a crypto-country stabechoin rating firm, Gave USDC B+ rating in its economic security rating.
Industry leaders push back
Ancorez’s decision met with fierce pushbacks.
Nick Wan Unit, whose firm Angora issues, accused Enclosure of failing to incorrectly present the facts about his stabechoin and to reveal his business interest in global dollars. The USDG is released by paxos and is supported by a union of firms that share income from reserve assets supporting tokens. Encourage is a founder partner in that consortium.
He said in an X post, “If Encourage had removed only USDC and AUSD to give priority to Stabecrims, they have economic interest, I would understand it as a professional decision,” he said in an X post. “But trying to hand over AUSD and USDC for ‘security concerns’, but deliberately publishing false information, dishonest and bizarre.”
“Never seen that such a clear hit piece has been executed so poorly,” Said Victor Banin, Protocol Specialist in Digital Asset Exchange Coinbase. coincidence Jointly launched In 2018, the USDC with the circle, and the token supported revenue from reserve assets supported.
Nick Wan Unit’s father Jan Van Unit and Asset Manager Van Ak’s CEO, who manages AUSD’s banking assets, also questioned the risk evaluation.
“If you need a laugh, look at this ‘security’ matrix before pulling the ankrage down. According to the matrix, the circle’s USDC (The world’s second largest stabecoin) And AUSD (100% supported by Treasury) Reserve issues are, “he Posted On the X “Oh, and by the way, the reserve manager of AUSD is regulated by the Optine separate regulators.”
Circle defended the firm’s “long -running compliance record” and “strong reputation as an industry leader”, in a statement sent to Coindesk.
A circle spokesperson said, “We comply with the prevailing American regulatory standards that apply to leading Fintech and payment firms, and we were the first Stabelcoin issuer to receive full compliance with the Landmark Crypto law of the European Union.” “USDC is 100% supported by the Fiat-Denominated Reserve and strengthens primary liquidity through a well-developed network of banks, showing what we see as the highest level of transparency, security and operations in our industry.”
The two Stabecrimans came out of the camp for circles and Agora.
“For records, Bitgo is not leaving USDC support,” Said Chen Fang, Chief Revenue Officer at Custodian Bitgo.
“Agora and Circle are our long -lasting companions, and our customers rely on safe, transparent rail,” Said Joshua Lim, the co-head of markets at Crypto Prime Broker Falconxes, said his company “is ready to support customers using AUSD and USDC.”
