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Anchorage Digital tells New Hampshire commission stablecoins can modernize payments and banking services
Summary
Anchorage Digital told the Commission to Study Stable Tokens that the 'Genius Act' has spurred onshoring and partnerships (Athena, an onshore Tether variant USAT, and a Western Union USDPT on Solana) and that states can harness tokenization for payments, remittances and auditability but need clear supervisory frameworks and consumer protections.
ANCHORAGE DIGITAL PRESENTS TO THE COMMISSION — Anchorage Digital presented to the Commission to Study Stable Tokens, arguing stablecoins and tokenized assets can speed payments, improve remittances and provide new tools for banks and states while emphasizing a security‑first, compliance‑oriented approach.
Melinda Delis, who leads institutional partnerships at Anchorage Digital, told commissioners Anchorage is focused on helping states evaluate opportunities and guardrails rather than advocating for a particular policy. “Stable tokens are really a central piece of the work that we're doing at Anchorage Digital,” she said, and pointed to recent activity following the 'Genius Act' as evidence of market momentum.
Joe Medioli, head of Anchorage’s financial institutions group, said the firm’s U.S. federal trust bank charter and engineering focus give it a custody and infrastructure perspective. He cited three near‑term industry moves Anchorage is supporting: partnerships with Athena, work to issue a U.S.‑compliant version of Tether (referred to as USAT), and a Western Union stablecoin (USDPT) Anchorage will help issue on Solana. “We became the first crypto native institution in The United States to be granted a federal banking charter,” Medioli said, noting that regulatory clarity has accelerated institutional participation.
Anchorage framed several practical use cases for states: remittances and instant settlement can reduce FX and counterparty risk; tokenized instruments can improve traceability and auditability for distributed payments; and governments could use tokenized sovereign bonds to deliver direct payments with enhanced transparency. Delis cited the Marshall Islands’ plan to use a tokenized sovereign bond (referred to in the presentation as USDM1) as an example of a government trial that combined payments with investment features.
Presenters emphasized that existing legal and supervisory obligations remain. Medioli said consumer protections, AML/BSA obligations and sanctions compliance still apply and must be embedded in product and vendor expectations. “The risks still exist. What is changing is the means of controlling those risks,” he said, recommending that states develop supervisory standards, embed security and auditability into contracting and vendor selection, and consider pilot programs for specific state services.
Commissioners pressed presenters on practical effects. Jim Kish asked whether remitted stablecoins were being held instead of converted to local currency; presenters and a state banking official agreed there is evidence some coins persist as dollar liabilities abroad, which can expand U.S. dollar usage. Commissioners also asked about fungibility between an onshore USAT and offshore USDT; Anchorage’s policy lead said the U.S.‑compliant variants will meet stricter backing and compliance rules under the referenced 'Genius Act'.
The presentation concluded with a short Q&A about bank participation, consumer protection, and the types of state incentives or technical features that might attract issuers. Anchorage offered follow‑up support and invited the commission to pursue targeted pilots and clarify state supervisory responsibilities.
Next steps: Anchorage remained available for further technical follow‑up and the commission moved on to a second industry presentation.
