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Stablecoin volumes rise as Anchorage calls for Fed rail access
Stablecoins are up nearly 25% in circulation since last July, and Anchorage Digital says limited access to Federal Reserve payment rails forces banks to rely on partner institutions.
Stablecoins have climbed from about $250 billion in circulation last July to more than $310 billion today, a nearly 25% jump, underscoring the growing role of digital assets in everyday payments, according to an opinion piece from CoinDesk.
The article argues that if an institution is eligible to participate in the US banking system, it should have a clearer path to using the US payments infrastructure through regulated channels, pointing to the GENIUS Act and federal oversight as steps meant to help stablecoins move more safely through traditional institutions.
CoinDesk also highlights Anchorage Digital, which says it operates America’s first federally chartered digital asset bank and is the first federal stablecoin issuer, and the author contends that a broader regulatory perimeter can strengthen the financial system.
The piece says nationally chartered banks are still boxed out from directly accessing Federal Reserve payment rails due to how master account access is administered, and it cites Anchorage’s 2023 debanking experience, which it says threatened payroll and prevented clients from wiring funds, while noting the Federal Reserve is drafting a new rule to widen payment rail access.