Provider at a glance
- Category
- Stablecoin Issuance Platforms
- Official website
- anchorage.com
Independent rankingchecked How it works
Details
Scored 75 out of 100 under methodology 2026.10.18, from the evidence read in September 2026.
Anchorage Digital (Stablecoin Issuance)
Branded stablecoin issuance from a US bank
Stablecoin Issuance Platforms
#2 Overall
Ranked #2 of 6 stablecoin issuance platforms in the published ranking
75
ChainChoice Score
The ChainChoice Score, shown against 100: published scores run from 41 to 99.- High evidence confidence
Is Anchorage Digital (Stablecoin Issuance) right for you?
Right for you if these matter most
- Whose Charter the Coin Is Issued Under9/10, the category best
Look elsewhere if these come first
- What Share of the Reserve Yield the Brand Keeps5/10 here; BitGo Stablecoin-as-a-Service scores 7
- Who Holds the Mint Key, and What the Brand Keeps If It Leaves4/10 here; Brale scores 6
- Published Platform Price to the Issuer6/10 here; Brale scores 9
Not yet tested for your country. Markets it lists: Global.
to test where you can use it.
The rank above is the published one, the same for every reader. Find my best issuance platform shows where it lands for you.
What will Anchorage Digital (Stablecoin Issuance) cost you?
Not priced on this basis
- Your monthly volume
- $1k
How safe is Anchorage Digital (Stablecoin Issuance)?
- Evidence: verified4 of 4 criteria rest on quoted, sourced receipts. Read September 2026.
- LicenceMiCA (EU): no register record on file here.
Alternatives to Anchorage Digital (Stablecoin Issuance)
Compare all 4- 1Brale5 points above · stronger on issuer price published (9 against 6)80
- 3BitGo Stablecoin-as-a-Service1 point below · stronger on reserve yield split (7 against 5)74
- 4Paxos (Stablecoin Issuance / Stablecoin-as-a-Service)5 points below · weaker on issuer price published (4 against 6)70
For your setup
Find out if Anchorage Digital (Stablecoin Issuance) fits you
The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where Anchorage Digital (Stablecoin Issuance) lands for you, which criteria your answers weight up, and which stated needs the record does or does not meet. The published rank stays beside it.
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Find my best issuance platformNothing is inferred from clicks, popularity or commercial value.
Why this rank
Why Anchorage Digital (Stablecoin Issuance) ranks #2
Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (20.4 here) sit inside the score; availability, friction, trust record and measured data add the rest. Best in this ranking on 1 of 4.
4 published criteria · Σ weight 100
CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence
359+10.088.09#1/6Loading evidence…
255+4.005.57#4/6Loading evidence…
224+2.824.06#3/6Loading evidence…
186+3.465.59#2/6Loading evidence…
Hairline = best in this ranking · tick = its median · a missing bar is "not scored", never zero
Margin−5behind Brale, #1
RobustnessOne point from changingacross a one-point change to each of its 4 criterion scores, the re-run scores 72–77 and ranks #2–#3
Evidence4 of 4 scored4 quoted, 4 with a source link
What would move the rank
Each line is the ranking run again with one of Anchorage Digital (Stablecoin Issuance)’s criterion scores changed and every other value held: the smallest whole-point change on that criterion that moves its rank, and where the re-run puts it. Up to 4 climbs and 3 falls are listed, smallest change first. Nothing here is a forecast.
What Share of the Reserve Yield the Brand Keeps 5 → 9 on its ladder · passes Brale+480#2 → #1
Who Holds the Mint Key, and What the Brand Keeps If It Leaves 4 → 8 on its ladder · passes Brale+480#2 → #1
Whose Charter the Coin Is Issued Under 9 → 8 on its ladder · BitGo Stablecoin-as-a-Service passes it−172#2 → #3
What Share of the Reserve Yield the Brand Keeps 5 → 4 on its ladder · BitGo Stablecoin-as-a-Service passes it−173#2 → #3
Who Holds the Mint Key, and What the Brand Keeps If It Leaves 4 → 3 on its ladder · BitGo Stablecoin-as-a-Service passes it−173#2 → #3
Smallest climb: what Share of the Reserve Yield the Brand Keeps 5 → 9 passes Brale, #1.
Strengths
1 from the score dataWhere it leads
Best for readers who weight
- Whose Charter the Coin Is Issued Under — 9/10, the category best
Tradeoffs
3 from the score dataWhere it trails
Not for readers who put first
- What Share of the Reserve Yield the Brand Keeps — 5/10 against a category best of 7/10
- Who Holds the Mint Key, and What the Brand Keeps If It Leaves — 4/10 against a category best of 6/10
- Published Platform Price to the Issuer — 6/10 against a category best of 9/10
Record watch-outs
- You are not buying an issuer; you are licensing your brand to one, and the published terms say so only after you go looking for them. The Covered Stablecoin Terms make the customer a "Brand Partner" — a Service Provider that "license[s] or otherwise permit[s] ADB to use a brand name, trademark, or other intellectual property in connection with a Series" — while "ADB remains the sole issuer of, and the sole obligor for, every Series." Three consequences land after signature. (1) THE FLOAT IS ADB'S BY DEFAULT: "All income, gains, or other returns realized on the Covered Stablecoin Reserve beyond the amounts necessary to maintain reserves ... constitute fiduciary compensation to ADB." Whatever you actually get back lives in the Master Account Agreement, which is unpublished and which the Terms say "prevails" over everything Anchorage does publish. (2) THERE ARE NO EXIT TERMS, ANYWHERE. Across every Anchorage surface swept — issuance page, Covered Stablecoin Terms, USAT disclosures, the 363-URL marketing sitemap swept in August and the 570-section docs corpus read again on 2026-09-30 — nothing states what a Brand Partner keeps if it leaves: not contract ownership, not the ticker, not the holder base, not transfer of the reserve. ADB also reserves the right to "require holders to migrate Covered Stablecoins to a different Supported Blockchain," and holders who fail to migrate "may permanently lose access." (3) THE KEYS ARE UNNAMED AND, ON USDtb, SINGLE-SIGNER. Anchorage publishes the contract addresses but never the authority holders; the block explorer shows USDtb's proxy-admin chain terminating in one externally owned account (0xd93826bb299765c87d13aeba2a7e5d9b27a03956, zero bytes of code) that can swap the token's implementation and grant mint rights. Separately, "$0 fees" is narrower than it reads: it covers issuance and redemption on 3 of the 5 coins Anchorage's transparency page named as ADB-issued on 2026-09-30, while the wire fee schedule is something "your billing contact can share" and the USAT Fee Schedule that Anchorage's own USAT disclosures cite returns 404 — neither rate is published. CORRECTED AT VERIFICATION: an earlier draft of this caveat also cited a daily-accruing custody fee here. That fee is real, but it is documented on the WEALTH-MANAGEMENT sub-account billing API and describes what a wealth manager charges its end clients; no Anchorage surface says a Brand Partner pays it, and it is withdrawn from this row. (4) AND THE KEY IS SHARED ACROSS BRANDS. On Solana, USDtb, USDPT, USDGO and ZLUSD all carry the SAME mintAuthority and permanentDelegate (C2QJ4HKLWzWRNprAmKoyd6YqXouVHFZuLKujdqtF4ZDt), the same freezeAuthority and the same config authority. One unnamed key mints and can seize against Western Union's, Ethena's, OSL's and Zelle's brands alike, and nothing you sign ring-fences your coin from the others.
Competitive position
Where Anchorage Digital (Stablecoin Issuance) leads and where it trails
Rank on every objective dimension among the rows scored on it. A criterion in the top third of its pool is listed as a lead, the bottom third as a trail; the middle is neither. Popularity, size and commercial terms are not dimensions.
Availability#1 / 614.0 of 20 · constant here
Published criteria#2 / 615.3 of 30 · best 17.4
Friction#1 / 62.7 of 10 · constant here
Trust record#1 / 63.2 of 8 · constant here
Measured data#1 / 68.3 of 18 · constant here
Where Anchorage Digital (Stablecoin Issuance) leads
- Whose Charter the Coin Is Issued Under#1 / 6
- Published Platform Price to the Issuer#2 / 6
Where it trailsNo criterion in the bottom third of its pool.
Closest alternatives
The 3 nearest rows by score
Nearest by published score in either direction. Each card states the criteria on which the two rows differ and the cost difference under the same scenario inputs; the compare arithmetic below shows why the higher one ranks higher.
BitGo Stablecoin-as-a-Service#3 of 6 · score 74 · 1.0 point behind
Anchorage Digital (Stablecoin Issuance) leads on
- Whose Charter the Coin Is Issued Under9 vs 8
- Who Holds the Mint Key, and What the Brand Keeps If It Leaves4 vs 3
BitGo Stablecoin-as-a-Service leads on
- What Share of the Reserve Yield the Brand Keeps7 vs 5
Largest single reason Anchorage Digital (Stablecoin Issuance) is ahead: published criteria (+0.5 display points).Scenario cost: BitGo Stablecoin-as-a-Service has no verified pricing for this scenario.
Brale#1 of 6 · score 80 · 5.0 points ahead
Anchorage Digital (Stablecoin Issuance) leads on
- Whose Charter the Coin Is Issued Under9 vs 8
Brale leads on
- What Share of the Reserve Yield the Brand Keeps6 vs 5
- Who Holds the Mint Key, and What the Brand Keeps If It Leaves6 vs 4
- Published Platform Price to the Issuer9 vs 6
Largest single reason Brale is ahead: published criteria (+5.5 display points).Scenario cost: Brale has no verified pricing for this scenario.
Paxos (Stablecoin Issuance / Stablecoin-as-a-Service)#4 of 6 · score 70 · 5.0 points behind
Anchorage Digital (Stablecoin Issuance) leads on
- Whose Charter the Coin Is Issued Under9 vs 8
- Published Platform Price to the Issuer6 vs 4
Paxos (Stablecoin Issuance / Stablecoin-as-a-Service) leads onNo scored criterion
Largest single reason Anchorage Digital (Stablecoin Issuance) is ahead: published criteria (+4.4 display points).Scenario cost: Paxos (Stablecoin Issuance / Stablecoin-as-a-Service) has no verified pricing for this scenario.
Against the leader
80 vs 75 · gap 5.0Why Brale ranks above Anchorage Digital (Stablecoin Issuance)
The compare workspace's arithmetic applied to these two rows. Each dimension's share of the gap is its weight × the difference, on the displayed scale — it reproduces the displayed gap of 5.0 to within rounding.
DimensionThisBraleGap share
Availability · 23% weight · constant here14.014.0same
Published criteria · 35% weight15.317.4−5.5, worse
Friction · 12% weight · constant here2.72.7same
Trust record · 9% weight · constant here3.23.2same
Measured data · 21% weight · constant here8.38.3same
Published criterionThisBralePoints
Whose Charter the Coin Is Issued Under · w3598+1.12, better
What Share of the Reserve Yield the Brand Keeps · w2556−0.80, worse
Who Holds the Mint Key, and What the Brand Keeps If It Leaves · w2246−1.41, worse
Published Platform Price to the Issuer · w1869−1.73, worse
Net7580−5.0
Your scenario
Anchorage Digital (Stablecoin Issuance) is not priced for this scenario
Transfer fee on your volume for a year. Excludes network gas and any withdrawal fee. Change an input and every figure recomputes from the published rate; the published rank does not move.
your cost/yr · default scenario — set your own
Your monthly volume · your input$1k
Rate read from the provider’s published pricing ↗ on 30 September 2026.
your cost/yrCost is stated as your cost/yr in USD; it is never a yield, never annualised, and it does not enter the score.
Not priced on this basis
Under the default inputs · USDCategory medianNot priced0 of 6 rows priced
Cheapest pricedNone pricedDifference not stated · availability not applied — set your country to filter
6 of 6 rows in this ranking have no verified rate for this scenario and are absent from the median, not counted as free.
Evidence
Evidence read 30 September 2026
One row per published criterion: the page each strength was read from, its source type by domain, the reading date and whether the file and the published table agree. Open a row for the quote and the receipt.
4 of 4 cells scored
Score evidenceVerified4 of 4 criteria reconstruct from receipts
4 of 4 criteria reconstruct from a quoted, sourced receipt equal to the published strength.Public receiptsReading…4 quoted with a source URL
The receipt file has not been read yet.Evidence confidenceHighcoverage and corroboration, never freshness
4/4 criteria scored, with 4 dated sources quoted.RobustnessOne point from changingrank #2 to #3 across one-point re-runs
Whether the position holds when one criterion score is changed by one point and the ranking is run again. It is always a re-run of the ranking, never an estimate.The newest evidence read on the platform is 3 November 2026; this category's reading is older. The scores stand as read on 30 September 2026.
Reading the evidence ledger…
CriterionSourceTypeReadFreshnessStatusReceipt
Whose Charter the Coin Is Issued Understrength 9 · weight 35Report an error—30 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.What Share of the Reserve Yield the Brand Keepsstrength 5 · weight 25Report an error—30 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Who Holds the Mint Key, and What the Brand Keeps If It Leavesstrength 4 · weight 22Report an error—30 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Published Platform Price to the Issuerstrength 6 · weight 18Report an error—30 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.How you can lose money here, and what the ranking scores
- Control failure (Anchorage Digital (Stablecoin Issuance) 4/10): a key or vote changes the rules, freezes or mints.Scored by Who Holds the Mint Key, and What the Brand Keeps If It Leaves · 22%
- Regulatory failure (Anchorage Digital (Stablecoin Issuance) 9/10): no licence where you are, or a forced market exit.Scored by Whose Charter the Coin Is Issued Under · 35%
Not assessed by this ranking: Liveness failure, Custody failure, Insolvency failure, Exit failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: What Share of the Reserve Yield the Brand Keeps (25%), Published Platform Price to the Issuer (18%).
Facts
facts, not scoresWhat the record publishes
- Pricing
- A price IS published, but only for one leg of the deal. Anchorage's Covered Stablecoin Service Fee Schedule, https://
www .anchorage .com /anchorage-digital-bank-n-a-covered-stablecoin-service-fee-schedule (fetched 30 September 2026, HTTP 200; header "Effective date: October 13, 2025" / "Last Updated: August 25, 2026", unchanged since August), carries two paragraphs and three per-coin lines. It opens "All Covered Stablecoin Service Fees associated with any Covered Stablecoins issued by Anchorage Digital Bank National Association" and subordinates itself: "The Covered Stablecoin Service Fees set out herein shall be governed in accordance with the Covered Stablecoin Terms of Service". Per coin: "No Covered Stablecoin Service Fees are charged in connection with USDtb." / "No Covered Stablecoin Service Fees are charged in connection with USDPT." / "No Covered Stablecoin Service Fees are charged in connection with USDGO." SCOPE OF THAT ZERO: the Covered Stablecoin Terms define the priced service as issuance and redemption with related support, so the zero covers the mint/redeem leg only, and only three coins. Anchorage's transparency page (https:// www .anchorage .com /platform /transparency-stablecoin-reserves, HTTP 200, 30 September 2026) now names five coins it issues (USDtb, USA₮, USDPT, USDGO and ZLUSD); USA₮ and ZLUSD have no fee schedule, and the USAT disclosures price issuance 'net of any fees disclosed in the USAT Fee Schedule', a document that is not published (https:// www .anchorage .com /usat-fee-schedule returns HTTP 404). fUSD, listed in August, is no longer on the transparency page and its attestation page now returns HTTP 401 behind a password. NOT PUBLISHED ANYWHERE READ: a recurring platform fee, a programme or setup fee, a minimum, a volume tier, a money-movement price by rail, an on-chain markup or a Brand Partner licence fee. https:// www .anchorage .com /pricing returns HTTP 301 to the home page; the issuance page routes every call to action to 'Get in touch' and carries no price; the docs corpus (https:// docs .anchorage .com /llms-full .txt, HTTP 200, 570 page sections) has zero hits for platform fee, issuance fee, custom pricing, contact sales, talk to sales and basis points, and its one fee-schedule mention is a wire-fee schedule that 'your billing contact can share'. A daily-accruing custody fee named in the docs belongs to the wealth-management sub-account product, not to a Brand Partner, and is not counted.Anchorage Digital (Stablecoin Issuance) — official pricing page ↗ · 30 September 2026 - Prices published in
- USDAnchorage Digital (Stablecoin Issuance) — official pricing page ↗ · 30 September 2026
- Licences held
- Not published
- Compliance level
- partial
- Regulatory note
- The clearest allocation in the pool, and it resolves on a public register — but the identifier is in page source, not page copy. WHO IS ISSUER OF RECORD: the Covered Stablecoin Terms (https://
www .anchorage .com /anchorage-digital-bank-n-a-covered-stablecoin-terms, JSON-LD datePublished 13 October 2025, HTTP 200, read as raw HTML 27 August 2026) state under the heading 'ADB as Sole Issuer and Sole Obligor': ' - Supported chains
- Ethereum, Solana, USDtb on Ethereum at 0xC139190F447e929f090Edeb554D95AbB8b18aC1C and on Solana at 8yXrtJ54jZtE84xEBzTESKuegjcAkAuDrdAhRd8i8n3T; USDPT, USDGO and ZLUSD are also Solana, THE FINDING, not a feature: on Solana USDtb, USDPT, USDGO and ZLUSD all carry the SAME mintAuthority and permanentDelegate, so the key is shared across brands. Anchorage's own guidance is to 'Always cross-check against the block explorer link'
- Markets served
- global
- Primary markets
- Not published
- Restricted markets
- Not published
- Operating limits
- Not published
- Availability note
- Not published
Legal entity on file: Anchorage Digital, placed in 2 products. Only confirmed entities are shown; nothing is inferred from the brand name.
If something goes wrong with Anchorage Digital (Stablecoin Issuance): where to complain, and where to report a scam
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How this page is reviewed
Reviewed means this product in this category was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
History
What the record carries
Changes to published ranks are recorded in a ledger; every step and its cause is listed on the rank-history page. The entries below begin with the current verified snapshot, then the methodology versions whose changes applied to this category, newest first.
9 methodology entries
- 30 September 2026Current verified snapshot · methodology 2026.10.18Score 75, #2 of 6. 4 of 4 criteria scored. History starts here; earlier values are not interpolated.
- 10 October 2026
2026.10.8When nothing serves your country, the list shown for reference is the published ranking · platform-wide- fixed The reference list shown when nothing serves your country is the published order with the published scores, and a build check now fails any such list out of that order or with a score the ranking does not publish.
- fixed The explorer prints an overall rank only for a row the published ranking holds; a country entrant such as Coinbase Commerce for US merchants shows no overall rank.
- changed Published orders do not move. Country results change only where nothing serves the country: in India bill pay keeps Bitcoin Well first and now shows Strike second, as published; 35 such runs across all categories and countries now match the published list exactly.
- 10 October 2026
2026.10.6A criterion you require re-scores the rows that meet it · platform-wide- changed The explorer sends each criterion you require, at any band, as fit_required with your other answers; region, licence, chain and fact filters stay filters. On /best, a required criterion joins For you as a marked preference does, which needs your country; Overall stays the published ranking, filtered.
- added Every published criterion has a golden case as the explorer sends it (require:<criterion>), so the order a requirement gives is replayed and gated as the published order is, and a change to it needs an entry here.
- 16 September 2026
2026.09.15Dimension scores carry tenths, and eleven more categories are re-read from primary sources · platform-wide- changed Dimension scores resolve to tenths of a point (O-04b), and weightedTotal is rounded to six decimal places before the order is read. 518 published scores move across 107 categories that were not re-read; none of them moves by more than 4 points, and most move by 1.
- fixed 66 published scores change in the eleven re-read categories, against a verbatim source each. The largest moves are Reflexer RAI (−16), Beefy and Unrekt (−11), Aztec (−10) and Golem (+9) — all of them rows whose sources had moved since their last read.
- changed Published order moves in 38 of 119 categories and three #1s change: smart_contract_audits (Zellic → Certora) and travel_rule_compliance (Sumsub Travel Rule → CodeVASP) on the finer resolution, kyc_compliance (Veriff → Sumsub) on the re-read.
- added availabilitySource (O-04g): for a reader who states a country, a row whose availability in that country rests on a region tag its record gives no source for sorts below every sourced row. It is inert in every order published here, which states no country.
Methodology 2026.10.18, the same published run every visitor sees · receipt stablecoin_issuance:anchorage_stablecoin_issuance:2026.10.18:5ecdd02b6f08
Are you Anchorage Digital (Stablecoin Issuance)? Reply to this verdict, or send evidence, ask for a correction or claim the listing. Every message gets a public ticket number; none of it changes a rank unless a public page or a signed statement supports it.