Stablecoin issuer Tether has invested $100 million in Anchorage Digital, the first digital asset company to be awarded a national trust charter five years ago. Rather than raising new capital, the funds enabled secondary market stock sales via an employee tender offer at a valuation of $4.2 billion.
The two companies have an existing relationship with Anchorage Digital issuing Tether’s new US stablecoin USA₮, which aims to be compliant with the GENIUS Act and target institutional usage. There’s also a mutual relationship in that Cantor Fitzgerald manages a large portion of Tether’s stablecoin holdings and Anchorage Digital also provides digital asset custody to Cantor Fitzgerald for the trading firm’s Bitcoin lending activities.
The investment reflects broader industry dynamics, as many US stablecoin issuers have opted to apply for national trust charters similar to Anchorage Digital’s. That includes Circle, Paxos and Ripple. By contrast Tether has not, and was also banned from operating in New York, a critical jurisdiction for a stablecoin. Hence, while it is a small minority holding, taking a stake in a bank with a national trust charter is the next best thing.
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