Agora CEO Criticizes Anchorage’s Stablecoin Safety Rankings, Questions Fairness of AUSD Risk Label

A newly released report by Anchorage Digital evaluating stablecoins has sparked pushback from some major players in the crypto space—most notably from Nick van Eck, CEO of Agora, the issuer of the AUSD stablecoin.

Anchorage’s "Stablecoin Safety Matrix," published Thursday, rated various stablecoins on factors such as asset quality, reserve transparency, and regulatory relationships. AUSD received a notably low score, prompting van Eck to accuse Anchorage of playing favorites, suggesting its rankings may be influenced by commercial interests rather than objective risk assessments.

Van Eck pointed out that AUSD and Circle’s USDC were both recently delisted by Anchorage over alleged “structural risks,” including inadequate regulatory oversight and questionable liability management. However, he argues the move was retaliatory after Agora declined to participate in Anchorage’s “Genius Bill as a Service” product—an offering van Eck claims some of the highly rated stablecoins, such as Paxos’s USDP, are tied to.

“If Anchorage had just delisted USDC and AUSD to prioritize the stablecoins they have an economic interest in, I would understand it as a business decision,” van Eck said in a public statement. “But attempting to delegitimize AUSD and USDC for ‘security concerns,’ while knowingly publishing false information, is unserious and bizarre.”

Anchorage defended its methodology, stating that the matrix is a “comparative reference tool” built from publicly available disclosures and third-party reports. Stablecoins were assessed on their reserve structures, banking partnerships, credit risk protections, and regulatory standing. Top marks went to PYUSD (PayPal) and USDP (Paxos), followed by RLUSD (Ripple), USDT (Tether), and USDG (Global Dollar), which is supported by partners such as Robinhood, Galaxy, Kraken, and Anchorage itself.

Van Eck emphasized that AUSD is backed by reputable institutions. Its reserves are managed by asset manager VanEck and held at State Street, which also serves as fund administrator for the Agora Reserve Fund.

“The infrastructure and oversight behind AUSD are as strong, if not stronger, than many of the stablecoins rated higher in this report,” he said.

The dust-up comes as the U.S. stablecoin market stands on the verge of regulatory transformation. With the GENIUS Act gaining momentum in Congress and expected to be signed into law later this year, stablecoin issuers are preparing for a new compliance landscape. Meanwhile, traditional institutions—from banks to retailers—are reportedly exploring stablecoin integrations, raising the stakes for how legitimacy is defined in this space.