Visa Adds Western Union’s USDPT Stablecoin to Settlement Network Through Anchorage Digital

Federally chartered crypto bank Anchorage Digital said Thursday that Visa (NYSE: $V) and eligible partners can now settle obligations on VisaNet using Western Union’s (NYSE: $WU) USDPT (CRYPTO: $USDPT) stablecoin, which Anchorage issues.

It is the first Anchorage-issued token to get that status, and the companies are building a framework to consider more. The deal gives Visa another stablecoin option as it widens its settlement network.

According to the companies’ statement, Visa and eligible partners can use USDPT as a native settlement asset on VisaNet. The framework would let the two companies look at adding other stablecoins issued by Anchorage’s bank.

Anchorage CEO Nathan McCauley said “speed alone won’t bring institutions onchain” and that they want a regulated institution behind the money. Dan Roesbery, Visa vice president for crypto partnerships, called it “another trusted, institution-grade option” for partners.

USDPT launched in May on Solana (CRYPTO: $SOL), with Anchorage handling issuance and Fireblocks providing the wallet and settlement infrastructure. Western Union first rolled it out in the Philippines and Bolivia and plans to use it for 24/7 settlements across its network in more than 200 countries.

Visa’s annualized stablecoin settlement run rate reached $20 billion in September, according to the company, more than 15 times the year-earlier figure. The company has also added networks including Monad, Canton, Base and Tempo to its settlement options.

Anchorage has issued stablecoins for Tether, OSL Group, Ethena Labs, Falcon Finance and Zelle. It described the tie-up as part of its goal of becoming a settlement bank for stablecoins, moving beyond issuance into custody and settlement for institutions.

The news comes as total stablecoin supply has slipped to about $280 billion from $300 billion in March.

Shares of Visa (NYSE: V) are currently trading at $426.60.