Anchorage Digital, the first federally chartered crypto bank in the digital asset sector, has scaled back its role in the USDG stablecoin consortium, which includes Robinhood and Kraken, and shifted toward a neutral stance that does not promote a specific stablecoin.

CoinDesk recently reported that Anchorage Digital will remain in the USDG consortium but will no longer take as prominent a front-line role as before.

USDG has a circulating supply of about $3 billion. It is issued by Paxos Digital Singapore and overseen by the Monetary Authority of Singapore. Consortium participants also include Galaxy Digital, OKX, Visa, Worldpay and Bullish.

Nathan McCauley (네이선 맥컬리), co-founder and CEO of Anchorage Digital, said the company will continue to support USDG and remain in the consortium. He added that it will reduce its front-line role compared with before.

Anchorage Digital has actively supported USDG, but plans to take a more neutral position going forward. McCauley said it is reasonable not to put a single stablecoin at the forefront.

The move comes amid changes in its business structure. Anchorage Digital recently mentioned that as many as 20 banks and major technology companies are reviewing stablecoin issuance together with the firm. In April, it also announced a partnership with M0, a stablecoin issuance platform that is working with MetaMask and Bridge.

Anchorage Digital explained that as it expands a white-label stablecoin issuance business for multiple clients, it has reassessed how interests are aligned.