Crypto bank Anchorage Digital has secured a $100 million equity investment from stablecoin provider Tether, valuing the firm at $4.2 billion. The deal gives Tether a minority stake and underscores growing collaboration in the digital asset space. This funding arrives amid Anchorage's expansion through acquisitions and partnerships.
Anchorage Digital, a San Francisco-based crypto bank founded in 2019, announced on Thursday that it received a $100 million investment from Tether, the El Salvador-based issuer of the USDT stablecoin. The equity deal values Anchorage at $4.2 billion and provides Tether with a minority interest. Nathan McCauley, Anchorage's co-founder and CEO, called the investment "a strong signal of conviction from one of the most scaled and sophisticated operators in the digital asset ecosystem."
The partnership builds on prior collaboration. In September, Tether selected Anchorage to issue its USA₮ stablecoin, a U.S. dollar-pegged asset compliant with the GENIUS Act, which now holds a $20 million market cap. Tether's flagship USDT, used mainly for international crypto liquidity, boasts a $185 billion market cap. Paolo Ardoino, Tether's CEO, stated, "Tether exists to challenge the status quo and build global infrastructure for freedom. Our investment in Anchorage Digital reflects a shared belief in the importance of secure, transparent and resilient financial systems."
Anchorage, the first crypto firm to earn a national trust bank charter from the Office of the Comptroller of the Currency in 2021, has accelerated its growth. It resolved a 2022 OCC consent order over Bank Secrecy Act issues in August. Recent moves include partnerships with Cantor Fitzgerald in March for bitcoin financing, BlackRock in April for crypto ETFs, and Western Union in October for the USDPT stablecoin. Acquisitions in May (Mountain Protocol for stablecoin issuance), and December (Securitize For Advisors and Hedgey for token management) broaden its services for institutions and banks.
Alongside the investment, Anchorage launched an employee tender offer, allowing long-tenured staff to sell equity at the $4.2 billion valuation. McCauley noted this rewards early believers. Paul Brody, EY's global blockchain leader, highlighted stablecoins' role in fast global payments, predicting new crypto banks like Anchorage will gain market share through streamlined tech, while traditional banks leverage their reputations. He forecasts the next 24 months will reveal market leaders.
Tether has faced scrutiny, including a 2021 New York Attorney General settlement for $18.5 million over misleading claims about USDT's backing and ties to Bitfinex.
