Anchorage Digital, the only federally chartered crypto bank in the US, has announced a tokenized deposit platform designed to let traditional banks move deposit liabilities onchain. The product targets bank counterparties seeking blockchain settlement rails while remaining within regulated deposit insurance frameworks, positioning Anchorage as infrastructure rather than a direct competitor to stablecoin issuers.
For Armada's crypto desk, this matters because Anchorage is an active custody and collateral custodian in institutional crypto markets. A tokenized deposit product expands the types of on-chain assets that could appear as collateral in repo transactions, requiring Armada to clarify whether such instruments meet its collateral eligibility policy and how they interact with the no-rehypothecation rule.