Anchorage Digital is raising $200-400 million, aiming for an IPO in 2027. But more noteworthy than the listing is that it is preparing to issue its own stablecoin USAT under the GENIUS Act framework.

As the only crypto bank in the U.S. with a federal charter (approved in 2021), Anchorage's positioning is not to compete with Coinbase for retail investors, but to serve as infrastructure for institutions. Its valuation was $3 billion in 2021, and if this round of financing is successful, its valuation is likely to be revised upward.

More importantly, is the stablecoin strategy. Anchorage has announced a partnership with Tether, planning to double the size of its stablecoin team by 2026. In the competition between banks and crypto companies for stablecoin issuance rights, Anchorage, holding a federal banking license, naturally has a regulatory advantage.

Competitive landscape: BitGo has submitted the S-1 filing (valuation of 1.9 billion), Kraken plans to go public in early 2026, and Circle and Gemini are already in the public market. A wave of crypto IPOs may emerge in 2027, and the ability to obtain stablecoin issuance qualifications will determine who can succeed.