Twenty banks and large technology companies are queued up to issue their own stablecoins through Anchorage Digital, CEO Nathan McCauley said on May 7 at Consensus Miami 2026, putting a number on a stablecoin pipeline that has been building since the GENIUS Act became law. McCauley told the conference that Anchorage has won every large stablecoin issuance mandate awarded since the federal stablecoin framework passed, citing the firm’s status as the only federally chartered crypto bank in the United States. The disclosure lands days after Western Union launched its USDPT stablecoin on Solana through Anchorage and Anchorage joined State Street on a regulated reserves fund.
A stablecoin is a cryptocurrency that holds a fixed value, typically one U.S. dollar, by being backed one-to-one with cash, Treasuries, or money market funds.
Key Takeaways
- Anchorage Digital says 20 banks and tech firms are in queue to issue branded stablecoins through its platform.
- CEO Nathan McCauley says Anchorage has won every large stablecoin issuance mandate since the GENIUS Act passed.
- Western Union launched its USDPT stablecoin on Solana through Anchorage on May 4, the most visible mandate so far.
- Anchorage Digital Bank holds the only national trust charter for a crypto bank, giving it a regulatory edge under GENIUS rules.
Published: May 8, 2026, 09:00 UTC
Why the GENIUS Act made Anchorage the default issuer
The GENIUS Act, signed last year, created the first federal framework for payment stablecoins and limited issuance to either insured depository institutions, state-qualified issuers, or federally chartered banks supervised by the OCC. Anchorage Digital Bank is the only crypto-native firm with a national trust charter, which means it can issue stablecoins on behalf of corporate clients without the multi-state licensing patchwork most issuers still face.
That structural advantage is what McCauley referenced on the Consensus stage. Banks and large platforms that want a U.S.-regulated stablecoin can either build their own compliance stack and apply for a charter, partner with an insured depository, or hand the issuance and reserves to Anchorage. Most are choosing the third option to move faster, according to the firm.
Anchorage has not named all 20 firms in the pipeline. Public mandates so far include Western Union’s USDPT, the State Street Federal Stablecoin Reserves Money Market Fund announced May 6, and earlier work for non-U.S. banks using stablecoins as a correspondent banking substitute.
What the 20-firm pipeline means for the market
If even half of the firms McCauley described actually launch, the U.S. stablecoin market structure changes. Tether and Circle dominate today, with combined market capitalization above $200 billion across USDT and USDC. A wave of bank-issued and platform-issued stablecoins would fragment that share but pull stablecoin volume into regulated rails for the first time at scale.
The Western Union case is the template. USDPT is dollar-backed, issued by Anchorage Digital Bank, and built on Solana for 24/7 settlement with agents and partners. The initial rollout is in the Philippines and Bolivia, with consumer spending in 40-plus countries planned for later this year. Western Union does not have to become a bank or build crypto custody to participate.
For business users, the pipeline points to a near-term reality where major retailers, payment networks, asset managers, and money transmitters each have their own stablecoin running on public chains. Treasuries managed by these issuers would sit in money market funds like the State Street vehicle Anchorage now supports.
Regulatory advantage and remaining questions
Anchorage’s charter is the asset competitors are trying to match. The OCC granted the firm a national trust bank charter in 2021, and the GENIUS Act explicitly recognized that charter type as eligible to issue payment stablecoins. Other crypto-native firms, including Paxos and Circle, have applied for or pursued similar federal status without yet matching Anchorage’s posture.
Open questions remain. The OCC has not finalized all stablecoin supervisory expectations, and Anchorage submitted a comment letter outlining its preferred regulatory approach earlier this year. State regulators are pushing back on the federal preemption that comes with national charters. And the 20-firm queue is the CEO’s number, not a regulatory disclosure, which makes it harder to verify until launches happen.
The next public test is timing. McCauley did not name launch dates for the remaining firms, and Anchorage’s bandwidth to onboard 20 issuers in parallel will be the bottleneck. Industry watchers are looking for the next named mandate within weeks.
Frequently asked questions
What is the GENIUS Act?
The GENIUS Act is the federal stablecoin law passed in 2025 that defines who can issue payment stablecoins in the United States. It limits issuance to insured depository institutions, state-qualified issuers, and federally chartered trust banks supervised by the OCC, and it sets reserve, audit, and disclosure requirements for issuers.
Why is Anchorage Digital winning these mandates?
Anchorage Digital Bank holds the only national trust charter granted to a crypto-native firm, which lets it issue stablecoins under federal supervision without state-by-state licensing. That structure makes it faster for banks and large platforms to launch a branded stablecoin through Anchorage than to build the regulatory stack themselves.
Which stablecoins has Anchorage already issued?
The most visible is Western Union’s USDPT on Solana, which launched May 4, 2026. Anchorage also supports the State Street Federal Stablecoin Reserves Money Market Fund announced May 6 and has earlier work with non-U.S. banks using stablecoins for correspondent banking substitutes.
