Anchorage Digital Bank, the sole federally chartered cryptocurrency bank in the United States, launched its stablecoin issuance platform in July 2025. US Bank has been selected to serve as the custodian for the reserves backing Anchorage Digital Bank’s payment stablecoins.

This platform launch follows the enactment of the GENIUS Act, legislation that mandates stablecoin issuers to maintain full reserves in low-risk assets, such as US dollars. US Bank, which ranks as the fifth-largest financial institution in the US by asset size with $686 billion under management, will oversee these reserves.

Anchorage Digital Bank secured its federal banking charter in early 2021, becoming the first crypto-native institution in the US to do so. Operating under the supervision of the Office of the Comptroller of the Currency (OCC), it remains the only federally chartered cryptocurrency bank in the country.

Its parent organization, Anchorage Digital, was established in 2017 and has attracted investments from entities including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa. Following a $350 million Series D funding round in 2021, the company achieved a valuation exceeding $3 billion.

Nathan McCauley, CEO and co-founder of Anchorage Digital, stated that the partnership with US Bank “reflects the growing alignment between digital finance and the traditional financial system” and “underscores the momentum behind bringing dollar-backed payment stablecoins into the mainstream.”

Stephen Philipson, vice chair of US Bank’s Wealth, Corporate, Commercial and Institutional Banking unit, which manages over $11.7 trillion in assets under custody and administration, noted that payment stablecoins represent an “important area of exploration for institutional banking clients.” He highlighted their potential to “be lower cost and faster than some traditional payment methods, particularly in cross-border payments, where the ability to move at real-time, settle instantly, and contain smart contract controls and terms can facilitate features such as FX and pricing.”