Anchorage Digital, the first federally chartered digital asset bank in the United States, has cut 17% of its workforce, affecting approximately 68 positions based on a global headcount of roughly 400 employees in February. The layoffs come after the company reached a $4.2 billion valuation earlier this year and follow recent business development, including an institutional investor channel for Frgmnt’s fUSD stablecoin. The Information reported on Oct. 2 that CEO Nathan McCauley told employees of the reductions during the week, against a backdrop of weak crypto markets. Anchorage’s broader expansion has included issuing Tether’s U.S.-focused USAT stablecoin, adding LayerZero interoperability infrastructure and expanding institutional custody services.