Crypto platform Anchorage Digital has announced its plans to have custody support for MON, the native token of Monad, following the mainnet rollout.
This move enables asset holders to benefit from a secure way to hold and stake the token through Anchorage Digital’s custodial platform or via its self-custody wallet, Porto.
Scaling access for institutional players
As an EVM-compatible Layer 1 blockchain, Monad delivers parallel execution and an optimised consensus mechanism to scale transaction speed while also maintaining compatibility with existing EVM applications. Merging high throughput with a development environment familiar to EVM builders enables Monad to lay the ground for the next generation of decentralised applications.
Furthermore, committed to expanding access to advanced ecosystems and supporting protocols that facilitate growth, Anchorage Digital’s support for MON supports this goal, developing a secure pathway for institutions to participate in Monad’s ecosystem. Speaking on this initiative, Nathan McCauley, CEO of Anchorage Digital, noted that becoming a custodian for MON will enable the company to offer Monad’s institutional ecosystem secure access to the network from the start, as well as enable developers to build directly on Monad.
Adding to this, Keone Hon, Co-Founder, Monad Foundation, stated that, with Anchorage Digital’s support, the company was able to bring MON to institutional audiences. Also, by working together with Anchorage Digital, Monad was able to manage its private mint, build integrations for a secure custody solution, and provide investors interested in its ecosystem with an access point for participation.
Optimising the development of digital dollars in the US
Not long before this announcement, Anchorage Digital made two other significant moves. Initially, the company selected US Bank to serve as the custodian for reserves backing its payment stablecoins.
Soon after, Anchorage Digital issued USDtb, the US’s first federally regulated stablecoin, looking to improve how digital dollars are developed and governed in the financial system. Issued in collaboration with Ethena Labs, USDtb was designed for federal compliance, being set to circulate under the direct oversight of the OCC through Anchorage Digital Bank.
The initiative was aimed at increasing transparency, safety, and regulatory clarity in digital dollar issuance.
