Agora CEO refutes Anchorage's "stablecoin security matrix," which lists AUSD as a high-risk coin.

According to Gate News bot and a report from The Block, the encryption Financial Service company Anchorage released a "stablecoin security matrix" report on Thursday, but faced opposition from certain issuers.

In particular, Nick van Eck, founder and CEO of Agora, the issuer of the AUSD stablecoin with a particularly low rating, claimed that Anchorage's rating is skewed due to a "pay-to-play" agreement with certain stablecoin companies, including Paxos.

According to Nick, Anchorage has delisted Agora's AUSD and Circle's USDC stablecoin, citing "structural risks" including a lack of regulatory oversight and poor liability management of backend assets.

However, Nick believes that the delisting of AUSD is retaliation for Agora's refusal to register the "Genius Bill as a Service" product. "The Anchorage executive who contacted me confirmed that two companies plan to use their 'Genius Bill as a Service' product. I suspect they are considered 'safe' stablecoins," Nick wrote.

"If Anchorage simply delisted USDC and AUSD to prioritize stablecoins that have economic interests for them, I would understand that as a business decision. Private enterprises can and should act in their own interests," Nick continued. "But attempting to deprive AUSD and USDC of legitimacy under the guise of 'safety concerns' while knowingly spreading false information is neither serious nor absurd."

At the time of this report's release, the stablecoin industry is at a critical moment, with U.S. legislative bodies working on specific regulatory frameworks, such as the "GENIUS Act," which is expected to be signed into law by the end of this summer. According to reports, as the regulatory framework becomes clearer, major companies ranging from banks to national retailers are considering the integration of stablecoins.

Anchorage states that its security matrix is a "comparative reference tool" that is entirely based on public disclosures and third-party documents. It examines the composition of stablecoin reserves, including asset quality, banking partners, equity buffers, mechanisms for reducing credit risk, and the relationship between issuers and regulators.

PYUSD, supported by PayPal, and USDP, supported by Paxos, are the top stablecoins ranked by Anchorage. Following them are Ripple's RLUSD, Tether's USDT, and Global Dollar's USDG, which is backed by a "network" of operators including Robinhood, Galaxy, Kraken, and Anchorage.

Nick pointed out that AUSD uses State Street Bank as its cash custodian and Agora Reserve Fund's fund manager. Asset management company VanEck also serves as the investment manager for the Agora Reserve Fund.