Anchorage Digital Bank, N.A. to issue RDUSD, a US dollar backed stablecoin for RD Technologies

TL;DR: The cooperation combines Anchorage Digital Bank’s stablecoin issuance capabilities with RD Technologies’ cross-border payments and digital finance ecosystem. RDUSD is planned for deployment on HSK Chain.

Anchorage Digital, home to America’s first federally chartered digital asset bank, today announced that Anchorage Digital Bank will issue RDUSD, a US dollar stablecoin, in partnership with RD Technologies, a Hong Kong-based financial technology group. RDUSD is planned for deployment on HSK Chain, and each coin is backed 1:1 by US dollars held at Anchorage Digital Bank. HSK Chain is an Ethereum layer-2 network built by HashKey Group on the OP Stack and designed for regulated, institutional use.

Anchorage Digital Bank will issue RDUSD, hold its reserves, and run minting, redemption and custody through its Stablecoin Issuance platform. RD Technologies will support RDUSD’s brand development and the expansion of its application ecosystem, with a focus on exploring cross-border payment and institutional finance applications. HashKey, a key investor in RD Technologies, will provide day one liquidity for RDUSD as its primary secondary market maker in Hong Kong.

Through the arrangement, RD Technologies will draw on Anchorage Digital Bank’s issuance infrastructure while focusing on customer needs and ecosystem development.

• Federal bank oversight. Anchorage Digital Bank is a national trust bank chartered and supervised by the Office of the Comptroller of the Currency, the federal regulator of the largest US banks. RDUSD's reserves sit inside that regulated perimeter.
• One regulated stack. Issuance, reserve management, and custody all run on one platform at one regulated entity. RD does not have to stitch together separate banks, custodians and token vendors.
• Institutional-grade security. RDUSD's reserves and minting controls are protected by the same institutional security infrastructure Anchorage Digital Bank uses to safeguard digital assets for banks, asset managers and governments.

"Stablecoins are the new settlement layer for global business, and the companies building on them want an issuer that is held to a bank's standard. RD Technologies chose a federally chartered bank to issue RDUSD because dollars held at a US regulated institution are what cross-border payments and treasury teams trust. This is what Stablecoin Issuance is for: RD focuses on its customers and markets, and we take care of issuance, reserves and custody." —Nathan McCauley, CEO and Co-Founder, Anchorage Digital

Potential applications of RDUSD include:

• Cross-border payments. Businesses can settle international payments in RDUSD, with Africa and the Middle East as the initial focus regions.
• Business wallets. Corporate clients of RD Technologies can send and receive RDUSD through RD business wallets, covering payments to employees and across their supply chains.

“The value of digital financial infrastructure lies in serving the real economy. Hong Kong’s trade and financial networks connecting Asia with the world provide an important foundation for this development. Through our partnerships with banks and payment providers, we are bringing together local financial channels, cross-border payment capabilities and digital currency instruments. RDUSD is an important addition in this strategy, and we look forward to using it to support global trade and the new forms of financial activity enabled by asset tokenization.” —Rita Liu, CEO, RD Technologies

The cooperation extends the reach of Anchorage Digital Bank’s Stablecoin Issuance platform through its work with RD Technologies. It also marks an international fintech company choosing a US regulated bank to issue its dollar stablecoin, with reserves held at a federally chartered institution.

To learn more about Anchorage Digital Bank's Stablecoin Issuance platform and tokenization offerings, please get in touch.