Anchorage Digital cuts 17% of workforce amid market slump

6.9 Investments

Oct 2, 2026

Anchorage Digital cut 17% of its staff—about 68 jobs—citing market pressures, even after a $100M Tether investment that valued the firm at $4.2B.

Anchorage Digital, a federally chartered U.S. digital asset bank and issuer of Tether’s USAT stablecoin, has reduced its global workforce by 17%, impacting approximately 68 of its 400 employees. The layoffs, announced by CEO Nathan McCauley, are due to ongoing cost pressures and a prolonged downturn in the crypto market. This move comes despite Anchorage recently securing a $100 million investment from Tether, which valued the company at $4.2 billion. The staff reduction is part of a broader restructuring effort, following a previous 20% workforce cut in 2023. Anchorage’s actions reflect a wider trend in the crypto industry, where over 7,400 jobs have been lost this year and new job postings have declined. The company remains focused on institutional custody and regulated services amid persistent market volatility.