Anchorage Digital's latest funding round is quite substantial—raising between $200 million and $400 million, with plans to ring the bell in 2027. But even more noteworthy than going public is its self-issued stablecoin USAT, developed under the GENIUS Act framework.

This institution is a bit unique. As the only federally licensed crypto bank in the US (approved in 2021), Anchorage has never aimed to compete for retail customers like Coinbase. Its positioning is very clear—building institutional-grade infrastructure. With a valuation already at $3 billion in 2021, if this funding round goes smoothly, its valuation will undoubtedly climb even higher.

The real key game here is the stablecoin sector. Anchorage has announced a partnership with Tether and plans to double its stablecoin team size by 2026. Banks and crypto companies are now competing for stablecoin issuance rights, and with its federal banking license, Anchorage is naturally positioned at the top of the regulatory food chain.

Looking at its competitors around it makes this clear: BitGo has filed an S-1, valued at $1.9 billion; Kraken plans to go public in early 2026; Circle and Gemini have already entered the public market. By 2027, a wave of crypto company IPOs may arrive, and those who can secure stablecoin issuance rights will essentially determine who can truly break out.