Anchorage Digital cuts 17% of workforce: report

The cut sits awkwardly beside the expansion story: a firm scaling into stablecoin issuance and absorbing outside institutional capital is simultaneously shrinking headcount, which reads more as a margin and focus decision than a retreat. It matters because Anchorage's regulated-bank model is a bellwether for how institutional crypto infrastructure is being financed, and the Tether relationship adds a counterparty dimension worth tracking. Whether the reduced headcount is paired with further product expansion, or marks the start of a broader pullback, is the open question.