Crypto In America Black Friday Bounce, Stablecoin Rewards & America’s First Bitcoin Bond
Nov 28, 2025
James Key-Wallace, Executive Director who led New Hampshire’s Bitcoin-backed conduit bond, and Rachel Anderica, Head of Global Operations at Anchorage Digital, join to discuss breakthrough public finance and institutional stablecoin products. They cover Anchorage’s stablecoin rewards program and mechanics. They also explain the structure, purpose and market access enabled by the state’s Bitcoin-backed conduit bond.
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Rewards As Network Growth Incentives
- Anchorage frames stablecoin rewards as network-growth incentives rather than traditional yield.
- Rewards aim to change user behavior and kickstart network effects for faster settlement and lower costs.
Genius Act Spurs Institutional Onboarding
- Anchorage expanded services after the Genius Act to offer stablecoin issuance and custody.
- Institutions like Western Union and others now onboard because the Act reduced regulatory uncertainty.
Keep Rewards To Drive Network Adoption
- Regulators should preserve issuers' ability to use rewards as a tool to shift payment behavior.
- Removing rewards risks preserving legacy payment network stickiness and slowing dollar export via crypto rails.