Anchorage Digital is raising $200 million to $400 million, aiming for an IPO in 2027, but its greater ambition lies in obtaining a stablecoin issuance license rather than going public.

As the only crypto bank in the US holding a federal charter license, Anchorage's positioning focuses on institutional-grade infrastructure rather than competing with Coinbase in the retail market.
In 2021, its valuation reached $3 billion. If this funding round proceeds smoothly, the valuation could be further revised upward. The key highlight is its stablecoin strategy. Anchorage has already partnered with Tether and plans to significantly expand its stablecoin team by 2026.
In the competition between banks and crypto companies for dominance in stablecoin issuance, Anchorage has a notable first-mover advantage in regulatory compliance thanks to its federal banking license.
Current competitive landscape: BitGo has filed an S-1, Kraken plans to go public in early 2026, and Circle and Gemini are already trading on the open market.
2027 may see a wave of crypto company IPOs, and whether they can obtain stablecoin issuance qualifications will be a core factor in determining who can truly stand out.