Anchorage Digital has reportedly reduced its workforce by 17%, a move that would affect about 68 employees based on the company's stated global headcount of roughly 400 in February 2026, according to The Information. CEO Nathan McCauley reportedly informed staff of the cuts during the week of Oct. 2, with the report attributing the reduction to a prolonged downturn in crypto markets.
The layoffs follow several high-profile developments for the U.S. crypto bank. Tether announced a $100 million strategic equity investment in Anchorage Digital on Feb. 5, after the launch of Tether's U.S.-focused stablecoin, USAT, for which Anchorage Digital Bank, N.A. serves as legal issuer. Anchorage received a $4.2 billion valuation earlier this year.
The company has also expanded recently. In September, Anchorage partnered with LayerZero to provide cross-chain infrastructure for stablecoins issued through its banking platform, with USAT named as the first token to use the arrangement. Later, Anchorage added custody support for seven assets on the Tezos layer-2 network Etherlink, including xU3O8, wrapped XTZ, stXTZ, USDT, USDC, USDSM and wrapped Ether.
The reported reduction underscores continued cost-cutting across the digital asset industry. Bitcoin briefly recovered above $87,000 on Friday but remained below its October 2025 peak near $126,000, reflecting the weak market conditions cited in the Anchorage report.
