> ## Documentation Index
> Fetch the complete documentation index at: https://docs.anchorage.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Stablecoins

> Mint, redeem, bridge stablecoins, and earn stablecoin rewards.

A **stablecoin** is a digital asset designed to hold a fixed value — typically pegged 1:1 to a fiat currency like the US dollar. Because the value doesn't fluctuate with the broader crypto market, stablecoins are useful for moving value on-chain quickly, settling trades without converting back to fiat, and holding liquidity in a form that can earn rewards or be deployed into DeFi protocols.

Anchorage Digital uses a single Convert flow for minting, redeeming, and bridging stablecoins. All operations require iOS app authentication for authorization.

## Mint stablecoins

Mint new stablecoins from your USD balance and deposit them directly into a wallet. Each mint converts USD to stablecoins at a 1:1 ratio.

### Before you start

* Confirm you have an available USD balance in the source account.
* Confirm your policy permissions allow you to initiate conversions.
* Have the Anchorage Digital iOS app available — you'll need it to authorize the operation.

### Where to start

You can mint stablecoins from two places in the web dashboard:

<CardGroup cols={2}>
  <Card title="Stablecoins dashboard">
    For managing stablecoin operations across vaults. Select **Stablecoins** in the main navigation, then select **Convert**.
  </Card>

  <Card title="Vault page">
    For minting directly into a specific vault you're already working in. Go to your vault and select **Convert** in the top-right corner.
  </Card>
</CardGroup>

Both paths use the same conversion form once you reach it.

### Complete the conversion

<Steps>
  <Step title="Select the stablecoin to mint">
    1. In the conversion dialog, US Dollars is pre-selected in the **From** field.
    2. Select the **To** asset dropdown labeled **Select asset**.
    3. Choose the stablecoin you want to mint (for example, USDGO on Solana, USDPT on Solana, or USDtb on Mainnet).
  </Step>

  <Step title="Select the destination wallet">
    Choose the wallet where the newly minted stablecoins will be deposited. The available balance for each wallet appears next to its name.
  </Step>

  <Step title="Enter the amount">
    1. In the **From** field, enter the amount of USD you want to convert.
    2. The **To** field automatically populates with the equivalent stablecoin amount at a 1:1 ratio.
    3. Review the summary at the bottom (for example, "Send \$100 to issue 100 USDGO on Solana").
  </Step>

  <Step title="Preview and confirm">
    1. Select **Preview conversion**.
    2. Review the operation summary. Confirm the asset, amount, source wallet, and destination wallet are correct.
    3. Select **Confirm and submit for conversion**.
  </Step>
</Steps>

### Approval and settlement

<Steps>
  <Step title="Authorize the operation">
    Anchorage Digital prompts you to authorize the conversion in the iOS app.

    1. Open the app on your mobile device.
    2. Confirm with biometric authentication.
  </Step>

  <Step title="Quorum approval">
    If your policy requires multiple approvals, the operation status stays **Initiated** until the required quorum members have approved the request. You can track progress in the **Transactions** tab of the Stablecoins dashboard or on the **Operations** page in the main navigation.
  </Step>

  <Step title="Processing">
    Once the quorum is met:

    * Anchorage Digital reviews the operation.
    * Our Hardware Security Module (HSM) signs the operation.
    * Anchorage Digital issues the stablecoins on-chain.
  </Step>

  <Step title="Completion">
    Open the **Portfolio** tab of the Stablecoins dashboard or your vault to see the updated balance. The new stablecoins appear in the destination wallet.
  </Step>
</Steps>

***

## Redeem stablecoins for USD

Redeem stablecoins for USD directly on the platform. Each redemption burns the stablecoins from your wallet and credits the equivalent USD to your [USD wallet](/knowledge-base/platform/users/usd-banking) at a 1:1 ratio.

### Before you start

* Confirm the wallet you want to redeem from holds the stablecoins.
* Confirm your policy permissions allow you to initiate conversions.
* Have the Anchorage Digital iOS app available — you'll need it to authorize the operation.

### Where to start

You can redeem stablecoins from two places in the web dashboard:

<CardGroup cols={2}>
  <Card title="Stablecoins dashboard">
    For managing stablecoin operations across vaults. Select **Stablecoins** in the main navigation, then select **Convert**. Choose the account and vault that holds the stablecoins, then select the swap arrow between the **From** and **To** fields to reverse the direction so the stablecoin is the **From** asset and USD is the **To** asset.
  </Card>

  <Card title="Vault page">
    For redeeming directly from a specific vault. Go to your vault and select **Convert**. Select the **From** asset dropdown and choose the stablecoin you want to redeem — the **To** field automatically switches to US Dollars.
  </Card>
</CardGroup>

Both paths use the same conversion form once you reach it.

### Complete the redemption

<Steps>
  <Step title="Select the stablecoin and source wallet">
    1. From the **From** asset dropdown labeled **Select asset**, choose the stablecoin you want to redeem (for example, USDGO on Solana).
    2. Select the source wallet that holds the stablecoins. The available balance for each wallet appears next to its name.
  </Step>

  <Step title="Enter the amount">
    1. In the **From** field, enter the amount of stablecoins you want to redeem.
    2. The **To** field automatically populates with the equivalent USD amount at a 1:1 ratio.
    3. Review the summary at the bottom (for example, "Redeem 100 USDGO on Solana to receive \$100").
  </Step>

  <Step title="Preview and confirm">
    1. Select **Preview conversion**.
    2. Review the operation summary. Confirm the stablecoin, amount, and wallet details are correct.
    3. Select **Confirm and submit for conversion**.
  </Step>
</Steps>

### Approval and settlement

<Steps>
  <Step title="Authorize the operation">
    Anchorage Digital prompts you to authorize the conversion in the iOS app.

    1. Open the app on your mobile device.
    2. Confirm with biometric authentication.
  </Step>

  <Step title="Quorum approval">
    If your policy requires multiple approvals, the operation status stays **Initiated** until the required quorum members have approved the request. You can track progress in the **Transactions** tab of the Stablecoins dashboard or on the **Operations** page in the main navigation.
  </Step>

  <Step title="Processing">
    Once the quorum is met:

    * Anchorage Digital reviews the operation.
    * Our Hardware Security Module (HSM) signs the operation.
    * Anchorage Digital burns the stablecoins and credits the USD to your USD wallet.
  </Step>

  <Step title="Completion">
    Open the **Portfolio** tab of the Stablecoins dashboard or your vault to see the updated USD balance.
  </Step>
</Steps>

***

## Bridge stablecoins

Bridge stablecoins across blockchains directly on the platform. Each bridge converts a stablecoin on one network to the same stablecoin on another network (for example, USDtb on Ethereum Mainnet to USDtb on Solana) at a 1:1 ratio.

### Before you start

* Confirm the wallet you want to bridge from holds the stablecoins.
* Confirm both the source stablecoin and the destination network are supported for bridging.
* Confirm your policy permissions allow you to initiate conversions.
* Have the Anchorage Digital iOS app available — you'll need it to authorize the operation.

### Where to start

You can bridge stablecoins from two places in the web dashboard:

<CardGroup cols={2}>
  <Card title="Stablecoins dashboard">
    For managing stablecoin operations across vaults. Select **Stablecoins** in the main navigation, then select **Convert** and choose the account and vault that holds the stablecoins.
  </Card>

  <Card title="Vault page">
    For bridging directly from a specific vault. Go to your vault and select **Convert**.
  </Card>
</CardGroup>

Both paths use the same conversion form once you reach it.

### Complete the bridge

<Steps>
  <Step title="Select the source asset and wallet">
    1. Select the **From** asset dropdown.
    2. Choose the stablecoin you want to bridge from (for example, USDtb on Mainnet).

    <Note>
      Only supported stablecoins appear in the list.
    </Note>

    3. Select the source wallet on the origin chain. The available balance for each wallet appears next to its name.
  </Step>

  <Step title="Select the destination asset and wallet">
    1. Select the **To** asset dropdown labeled **Select asset**.
    2. Choose the same stablecoin on the destination chain (for example, USDtb on Solana).
    3. Select the destination wallet on the target chain.
  </Step>

  <Step title="Enter the amount">
    1. In the **From** field, enter the amount of stablecoins you want to bridge.
    2. The **To** field automatically populates with the equivalent amount at a 1:1 ratio.
    3. Review the summary at the bottom (for example, "Bridge 10 USDtb on Mainnet to 10 USDtb on Solana").
  </Step>

  <Step title="Preview and confirm">
    1. Select **Preview conversion**.
    2. Review the operation summary. Confirm the source asset, destination asset, amounts, and wallet details are correct.
    3. Select **Confirm and submit for conversion**.
  </Step>
</Steps>

### Approval and settlement

<Steps>
  <Step title="Authorize the operation">
    Anchorage Digital prompts you to authorize the conversion in the iOS app.

    1. Open the app on your mobile device.
    2. Confirm with biometric authentication.
  </Step>

  <Step title="Quorum approval">
    If your policy requires multiple approvals, the operation status stays **Initiated** until the required quorum members have approved the request.
  </Step>

  <Step title="Processing">
    Once the quorum is met:

    * Anchorage Digital reviews the operation.
    * Our Hardware Security Module (HSM) signs the operation.
    * The stablecoins are burned on the source chain and minted on the destination chain.
  </Step>

  <Step title="Completion">
    Return to your vault dashboard to view the updated balances across your wallets.
  </Step>
</Steps>

***

## Stablecoin rewards

Stablecoin rewards let your organization earn an ongoing return for holding eligible stablecoins in custody.

**How it works:** you enroll, configure a payout wallet for each eligible asset, and Anchorage Digital calculates rewards daily based on your eligible balance. Rewards are paid to the wallet you choose. Rates are tied to a published reference rate (the Effective Federal Funds Rate for most assets) and tiered by balance, so larger balances earn a higher rate.

Your assets remain accessible at any time: no lending, no rehypothecation, and no lockups.

**Eligible stablecoins:** PYUSD, USDG, USDtb, USDe

<Warning>
  Organizations with legal entities in Canada or the EU are not eligible for the stablecoin rewards program.
</Warning>

<Info>
  Enrollment must be completed by an admin of your organization. You can enroll even if you don't currently hold eligible stablecoins — you'll start earning rewards once you deposit eligible stablecoins and your payout wallets are configured.
</Info>

### Where to start

You can enroll in stablecoin rewards from two places in the web dashboard:

<CardGroup cols={2}>
  <Card title="Stablecoins dashboard">
    Select **Stablecoins** in the main navigation, then select the **Rewards** tab.
  </Card>

  <Card title="Settings">
    Select **Settings** in the main navigation, then select **Stablecoin rewards**.
  </Card>
</CardGroup>

Both paths use the same configuration form once you reach it.

### Configure your payout wallets

<Steps>
  <Step title="Open the configuration">
    Select the edit icon next to **Pending configuration** to set the vault and wallet that will receive rewards for each eligible asset.

    <Note>
      If your accounts don't appear immediately, refresh your browser.
    </Note>
  </Step>

  <Step title="Select a vault and wallet for each asset">
    For each eligible asset, choose the vault and wallet where you want to receive rewards. If you don't have an existing wallet for an asset, follow the deposit address instructions to create one first.
  </Step>

  <Step title="Save your configuration">
    Select **Save**. The **Status** field on the rewards page shows whether all assets are configured.
  </Step>
</Steps>

### Update your configuration

You can change the vault and wallet that receive rewards at any time. Updates must be made by an admin.

<Steps>
  <Step title="Open the configuration">
    From either the **Rewards** tab on the Stablecoins dashboard or **Stablecoin rewards** in Settings, select the edit icon next to **Pending configuration**.
  </Step>

  <Step title="Update and save">
    Select the new vault and wallet for the asset, then select **Save**.
  </Step>
</Steps>

### Rewards rates

#### USDG

Minimum eligible digital asset balance: \$0

Reference rate: Effective Federal Funds Rate (EFFR) as published by the Federal Reserve Bank of New York

| Eligible balance (held with custody/wallet service provider) | Annual Rewards Rate | Annual Rewards Rate at EFFR 3.64% |
| ------------------------------------------------------------ | ------------------- | --------------------------------- |
| Less than \$1M                                               | EFFR − 1.83%        | 1.81%                             |
| \$1M–\$2M                                                    | EFFR − 1.63%        | 2.01%                             |
| \$2M–\$5M                                                    | EFFR − 1.43%        | 2.21%                             |
| \$5M–\$10M                                                   | EFFR − 1.33%        | 2.31%                             |
| ≥ \$10M                                                      | EFFR − 1.23%        | 2.41%                             |

#### PYUSD

Minimum eligible digital asset balance: \$0

Reference rate: Effective Federal Funds Rate (EFFR) as published by the Federal Reserve Bank of New York

| Eligible balance (held with custody/wallet service provider) | Annual Rewards Rate | Annual Rewards Rate at EFFR 3.87% |
| ------------------------------------------------------------ | ------------------- | --------------------------------- |
| Less than \$1M                                               | EFFR − 1.33%        | 2.31%                             |
| \$1M–\$2M                                                    | EFFR − 0.83%        | 2.81%                             |
| \$2M–\$5M                                                    | EFFR − 0.63%        | 3.01%                             |
| \$5M–\$10M                                                   | EFFR − 0.43%        | 3.21%                             |
| ≥ \$10M                                                      | EFFR − 0.33%        | 3.31%                             |

#### USDtb and USDe

Minimum eligible digital asset balance: \$0

Annual Rewards Rate: 0–20%

Rates are updated on the 10th of the following month. For example, November's rates are updated by December 10.

| Period        | USDtb Annual Rewards Rate | USDe Annual Rewards Rate |
| ------------- | ------------------------- | ------------------------ |
| June 2026     | 3.23%                     | 3.07%                    |
| May 2026      | 3.23%                     | 2.95%                    |
| April 2026    | 3.23%                     | 2.88%                    |
| March 2026    | 3.18%                     | 2.80%                    |
| February 2026 | 3.27%                     | 2.88%                    |
| January 2026  | 3.33%                     | 3.78%                    |
| December 2025 | 3.45%                     | 3.52%                    |
| November 2025 | 3.65%                     | 3.20%                    |

<Accordion title="General program methodology">
  **Reference rate (EFFR-based assets)**

  Reference rate: Effective Federal Funds Rate (EFFR) as published daily on the Federal Reserve Bank of New York's website.

  Source: [https://www.newyorkfed.org/markets/reference-rates/effr](https://www.newyorkfed.org/markets/reference-rates/effr)

  **Rewards model**

  Rewards are tiered by the total eligible digital asset balance (USD value). Each tier's Annual Rewards Rate (ARR) is expressed as EFFR minus a spread.

  **Balance and reward calculation**

  Balance calculation: Eligible digital asset balances are calculated in U.S. Dollars by applying closing prices, as provided by CryptoCompare.com at the close of each day (UTC), or if unavailable, other reliable, reputable third-party pricing sources, selected at Program Administrator's sole discretion.

  Reward calculation: Rewards are calculated daily based on the following formula:

  ```text theme={null}
  Eligible digital asset balance × (Annual Rewards Rate ÷ 365)
  ```

  Example: For a given day, a participant with less than \$1M in PYUSD will accrue rewards of (EFFR − 1.33%) / 365 for that day.
</Accordion>

### Program terms and risks

The stablecoin rewards program is not subject to regulatory oversight in the Cayman Islands or any other jurisdiction, and it is not regulated by any governmental authority or regulatory body.

Participation carries inherent risks, including but not limited to the risk of loss of funds, lack of recourse in case of disputes, and potential volatility of a stablecoin's value. You are responsible for understanding and complying with all applicable laws, regulations, and requirements in your jurisdiction, and you should conduct your own research and seek appropriate professional advice before enrolling.