Anchorage Digital Cuts 17% of Workforce Amid $42 Billion USDT Investment

Anchorage Digital Cuts 17% of Workforce

Anchorage Digital, a federally licensed digital asset bank in the United States, has revealed that it has reduced its workforce by approximately 17%, affecting around 68 employees.

Earlier this year, the company received a significant investment of $100 million (approximately 15.78 billion yen) from Tether, the issuer of the stablecoin USDT, which had just raised its valuation to $4.2 billion (approximately 662.9 billion yen). This large-scale workforce reduction during a period of rapid growth highlights the reality that even cryptocurrency infrastructure companies serving institutional investors under strict regulations cannot escape the pressures of changing market conditions and the need for operational cost optimization.

Background and Details of the 17% Workforce Reduction

CEO Nathan McCauley notified all employees, officially acknowledging the layoffs that affected about 68 staff members, or 17% of the total workforce. As of February this year, the company was reported to have around 400 employees globally, meaning this organizational restructuring will reduce that number.

The management cited the need for cost reductions in the medium to long term and the overall sluggish performance of the digital asset market as the main reasons for this decision, rather than poor performance in a specific business unit or failures of individual projects.

Notably, there have been no resignations among key executives associated with this announcement, and the CEO will continue to lead the company. However, specific details regarding the departments affected, the future total headcount, and severance conditions have not yet been disclosed.

$100 Million Funding from Tether and Aggressive Business Expansion

It is noteworthy that this workforce reduction occurred immediately after a significant fundraising and business expansion.

In February 2026, Tether, the largest issuer of dollar-pegged stablecoins, executed a strategic equity investment of $100 million in Anchorage Digital. This funding round significantly boosted the company's valuation to $4.2 billion.

Since the fundraising, the company has accelerated the construction of regulatory-compliant infrastructure, expanding into cutting-edge areas such as supporting the issuance of Tether's new stablecoin "USAT" and custodial services for tokenized real-world assets (RWA) like uranium. For Anchorage Digital, which focuses on the management of secure digital assets and providing cold wallet infrastructure for institutional investors, these were expected to be major pillars of its business.

However, it has been analyzed that the actual custody fees and trading revenues fell below the levels projected in the business plan, prompting a reassessment of cost discipline.

Differences from Past Cryptocurrency Winters and Industry Impact

For Anchorage Digital, this is not the first workforce reduction; in March 2023, during a market downturn, the company laid off about 75 employees, or 20% of its workforce, due to pressure on revenues from its custody and lending businesses.

While the previous layoffs were a defensive measure taken immediately after the turmoil of the "cryptocurrency winter," this time the implementation comes amid a market recovery, with Bitcoin (BTC) prices adjusting from historical highs but still maintaining a high level. Although Bitcoin is currently hovering in the upper $80,000 range, companies supporting infrastructure for institutional investors are still pressured to balance profitability with a sustainable cost structure.

As the first cryptocurrency company to receive federal trust bank approval from the OCC, Anchorage Digital has served as a bridge between traditional finance (TradFi) and digital assets. Its developments are seen as a litmus test for the entire industry aiming for growth while adhering to strict regulations.

Whether this restructuring will result in a temporary course correction through organizational streamlining or mark the beginning of further transformation remains to be seen, with continued high interest in future announcements and changes in headcount.

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