Anchorage Digital Stablecoins Settle Payments on Visa Network

Anchorage Digital has partnered with Visa to allow select Anchorage-issued stablecoins to settle transactions on VisaNet, starting with Western Union's USDPT. This arrangement enables Visa and eligible companies to use USDPT, a dollar-pegged stablecoin issued by Anchorage Digital Bank, for settling obligations on the Visa network. This marks the first Anchorage-issued token to achieve this status, with plans to include more stablecoins in the future. Anchorage emphasizes the combination of stablecoin speed and the backing of a regulated bank, as it operates the first federally chartered crypto bank in the U.S. Nathan McCauley, Anchorage's co-founder and CEO, stated that institutions seek the assurance of a regulated entity behind their transactions. Visa has been integrating stablecoins into its settlement processes, having developed a stablecoin settlement program across various networks and launched a platform for banks and fintech firms to issue stablecoins. Dan Roesbery, Visa's vice president for crypto partnerships, described USDPT support as providing partners with a trusted, institution-grade option for settlements. This collaboration aligns with Anchorage's goal to serve as the settlement bank for stablecoins at an institutional level, offering custody and settlement services. Anchorage also recently established itself as the custody backbone for the U.S.-Mexico stablecoin corridor, further extending its reach into mainstream payments.

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