Agora CEO Criticizes Anchorage's Stablecoin Safety Matrix
Anchorage recently released a 'stablecoin safety matrix' report, which has attracted criticism from Agora CEO Nick van Eck. Van Eck alleges that Anchorage's rankings are skewed by 'pay to play' deals with some stablecoin issuers like Paxos. He argues that Anchorage delisted Agora's AUSD and Circle’s USDC tokens, citing structural risk, due to lack of oversight and poor liability management. Van Eck claims this delisting was retaliatory, linking it to Agora's refusal to join Anchorage's 'Genius Bill as a Service' program. He asserts that Anchorage is attempting to delegitimize AUSD and USDC through misleading information. Amidst growing regulatory efforts in the U.S., Anchorage maintains that its matrix is based on public disclosures and third-party reports. Anchorage rated PYUSD and USDP highest, followed by other prominent stablecoins. The ongoing debate highlights the tension between business self-interest and public portrayal in the crypto industry.
FAQ
❓ What allegations did Nick van Eck make about Anchorage?
Van Eck claims Anchorage's stablecoin ratings are biased due to financial arrangements with certain issuers and calls their actions retaliatory.
❓ How does Anchorage defend its stablecoin safety matrix?
Anchorage states that its matrix relies on public disclosures and third-party documents to assess stablecoin safety.
❓ What implications does this dispute have for the crypto industry?
The dispute underscores challenges in maintaining transparency and fairness amidst businesses' self-interests in the crypto sector.