Stabledash Live - The Pilot - 2/10

The Anchorage deal

Fowler said the valuation is up from $3 billion in Anchorage Digital's 2021 round. He described the investment as a deepening of a relationship that began when Tether picked Anchorage as the issuer of USAT, its new US regulated stablecoin.

Tether's Paolo Ardoino said the company "exists to challenge the status quo" and that the investment reflects a shared belief in secure, transparent and resilient financial systems. Nathan McCauley of Anchorage Digital called it "a strong validation of the infrastructure we've spent years building the hard way."

What the hosts read into it

Fowler said Tether is signaling long-term confidence in compliant infrastructure by backing the most regulated player in the US market. He also pointed to Bo Hines moving from the US government into Tether and USAT. Drew Rogers called the push a near re-entry into the US market on the payment token side, and said Tether is building on-chain liquidity pairs by owning both the stablecoin and stakes in tokenized assets. Rogers expects more IPOs from crypto leaders in 2026 and 2027, and said Anchorage Digital may be heading down that route.

CAP's deposits on Aave

Citing an Aave Labs case study, Fowler said Covered Agent Protocol has grown to $500 million in total value locked since launching in August. As of January, over 80% of Celo Dollar reserves, more than $360 million, were supplied to Aave App. Over 50% of cUSD is staked into stcUSD, which has paid out over $4 million in cumulative yield. The average 90-day hurdle rate is 5.2%, and Aave accounts for more than 90% of that yield.

Clarity Act talks

Fowler said JPMorgan, Bank of America and Wells Fargo joined Coinbase, Ripple and Circle at the White House's second closed-door meeting on the CLARITY Act. The White House is reportedly encouraging a resolution by the end of February so the bill can move forward.