Anchorage Digital and Visa add Western Union's USDPT for settlement

Anchorage's release calls this a partnership between Anchorage Digital Bank, N.A. and Visa, and a step towards Anchorage becoming the settlement bank for stablecoins at institutional scale: issuing stablecoins, and also providing the custody and settlement infrastructure around them[1]. The Block reports the same aim[2].

Decrypt, reporting on 12 November, says the arrangement was announced on Thursday and that further Anchorage stablecoins could follow the initial launch[3]. The Block describes the framework as a way to consider additional Anchorage-issued stablecoins[2]. None of the three names an eligible partner or the blockchain Visa will use for USDPT on VisaNet, and none gives a volume for that settlement[1][2][3].

Dan Roesbery, Visa's vice president of global crypto partnerships and go-to-market, said: "As stablecoin payments grow, we're focused on providing more choice for our partners in how they settle with Visa. Supporting USDPT as a native settlement asset, in partnership with Anchorage, gives them another trusted, institution-grade option backed by a federally chartered bank."[1]

Anchorage Digital Bank operates a federally regulated stablecoin issuance platform. The release says it already issues a range of institution-grade stablecoins: USAT (Tether), USDPT (Western Union), USDGO (OSL Group), USDtb (Ethena Labs), fUSD (Falcon Finance) and ZLUSD (Zelle)[1]. The Block lists the same coins for those firms[2]. Decrypt names Tether's US-regulated USAT, Western Union's USDPT, Ethena's USDtb and others[3].

Anchorage says each is fully backed by US dollars and cash equivalents, redeemable 1:1, and minted under federal oversight[1]. Decrypt says each is redeemable one-to-one for dollars[3].

Anchorage describes itself as home to America's first federally regulated digital asset bank, and calls Anchorage Digital Bank N.A. the first federally chartered crypto bank in the United States[1]. Decrypt reports that the bank is overseen by the Office of the Comptroller of the Currency, and describes USDPT as a dollar-pegged stablecoin issued and custodied by the bank[3].

Atlas is Anchorage Digital's counterparty settlement network. The release says it helps institutions settle those stablecoin assets while mitigating counterparty risk, and that it already powers off-exchange settlement, collateral management and cross-border transfers[1]. Decrypt reports the same three functions[3]. The release describes Atlas separately from the Visa option. It does not say Visa will settle USDPT through Atlas[1].

Anchorage calls the Visa integration a milestone for a model in which one federally chartered institution issues stablecoins, supports third-party assets, and provides the settlement infrastructure that connects them[1]. The company, founded in 2017 in San Francisco, says its backers include Andreessen Horowitz, GIC, Goldman Sachs, KKR and Visa[1].

The Block reports that USDPT debuted in May on Solana, with Anchorage Digital Bank handling issuance and Fireblocks providing the wallet and settlement infrastructure. Western Union initially launched the stablecoin in the Philippines and Bolivia, with plans to use it for 24/7 settlements across its network of more than 200 countries[2]. The 12 November Anchorage release does not restate that history, and it does not name a chain for VisaNet settlement[1].

The Block says the partnership builds on Visa's expanding stablecoin settlement network, and that Visa has also added networks including Monad, Canton, Base and Tempo[2]. Decrypt says Visa's stablecoin settlement programme spans networks such as Base and Polygon, that Visa has launched a platform to help banks and fintech firms issue and move stablecoins, and that Visa has moved into onchain lending tied to its cards[3]. Spectrum has covered Visa adding Monad as a settlement option and Visa Direct taking USDC prefunding into production. Those are separate announcements from this USDPT option.

The release is about how Visa and eligible partners settle VisaNet obligations, with USDPT as the first Anchorage-issued stablecoin they can use[1]. McCauley says institutions need a regulated bank behind the money, and he ties that to these stablecoins being supported on the Visa network[1]. Roesbery says partners get another institution-grade choice[1].

USAT, USDGO, USDtb, fUSD and ZLUSD stay on the issuance list. This announcement does not put them on VisaNet, name a chain for the USDPT settlement, or publish a volume[1][2][3].