Anchorage Digital’s Federal Charter Boosts Stablecoin, Custody & Settlement — But Costs and Rules Loom

Anchorage Digital has marked five years under federal regulation since becoming the first cryptocurrency-native firm to receive a full national bank charter from the Office of the Comptroller of the Currency (OCC) on January 13, 2021. This milestone underscores both Anchorage’s role as a pioneer in federally regulated crypto banking and its function as a template for others seeking similar charters.

Key among the challenges it faced was a rigorous regulatory burden: in 2022, the OCC issued a consent order pointing to weaknesses in Anchorage’s anti-money laundering (AML) and Bank Secrecy Act compliance framework. Over approximately three years, the bank invested heavily—financially, operationally, and in governance—to satisfy the OCC’s requirements. The lifting of the consent order in August 2025 confirms that Anchorage’s remediation efforts were sufficient under OCC oversight.

Anchorage’s strategy has been to build regulatory credibility ahead of market demand. The firm invested “tens of millions” in compliance infrastructure, engaged in hundreds of regulator meetings, and made substantial hires in experienced personnel. These efforts now coincide with legislative developments: for example, the GENIUS Act, interpretive letters like 1174, and stablecoin regulatory frameworks have permitted Anchorage to issue USDtb, its first federally regulated stablecoin under GENIUS supervision.

For Anchorage, the charter has provided advantages: a basis for institutional trust, ability to issue stablecoins under federal law, expanded client lines (custody, staking, settlement, governance), and a regulatory moat against competitors without charters. However, it also entails ongoing oversight, significant compliance costs, and exposure to regulatory risk—evidenced by the consent order and broader scrutiny, including an investigation by DHS.

Strategic implications for the broader crypto and finance sectors include:

• Raised regulatory entry thresholds: Firms without federal charters may find it harder to win institutional clients and may face regulatory uncertainty.
• Stablecoin regulation as infrastructure: Anchorage’s issuance of USDtb under GENIUS represents a model for stablecoins being treated as regulated payment rails.
• Role of the OCC: As one of the few regulators with hands-on experience overseeing a federally chartered crypto bank, the OCC is gaining an institutional knowledge advantage.
• Regulatory competition and clarity: Others—such as Circle, Ripple, Paxos—are now applying for or converting to national trust bank charters.

Open questions include:

• Can Anchorage sustain its competitive advantage under higher regulatory and operational cost burdens?
• Will additional crypto firms be granted full federal charters, or will legislative/regulatory constraints persist (e.g. via interpretive letters or nonobjection requirements)?
• How will stablecoin regulations evolve, especially in areas of reserve backing, governance, and institutional adoption?
• What are the systemic risk implications if multiple large crypto banks operate under federal oversight?