Anchorage Digital Bank and Visa announced on Thursday that USDPT, Western Union's stablecoin, is now a native settlement asset on the Visa network. Visa and eligible partners can use the token to settle their VisaNet obligations.
What was announced
The partnership covers select stablecoins issued by Anchorage Digital Bank, N.A., the first federally regulated digital asset bank in the US. USDPT is the first of those tokens to get settlement status.
- USDPT is issued and custodied by Anchorage Digital Bank, a federally regulated institution
- Visa and eligible partners now have the option to settle VisaNet obligations in USDPT
- The deal creates a framework to explore support for additional Anchorage-issued stablecoins after the initial launch
Nathan McCauley, co-founder and CEO of Anchorage Digital, said stablecoins have made money move faster, but "speed alone won't bring institutions onchain." Institutions need "a regulated institution behind the money," he said, and support on the Visa network gives them both the speed of a stablecoin and the safety of a federally regulated bank.
What USDPT is
USDPT (U.S. Dollar Payment Token) was launched by Western Union with Anchorage Digital on the Solana blockchain. Anchorage Digital Bank mints and redeems the token under US federal oversight.
- Runs on Solana and is integrated into Western Union's network of over 550,000 agent locations across more than 150 countries
- Fully backed by US dollars and cash equivalents, redeemable 1:1
- Western Union (NYSE: WU) operates across more than 200 countries and territories and over 130 currencies
Anchorage's stablecoin roster
Anchorage Digital Bank runs a federally regulated stablecoin issuance platform and already issues six tokens for institutional partners. Each is fully backed by dollars and cash equivalents and redeemable 1:1.
Token | Partner |
|---|---|
USAT | Tether |
USDPT | Western Union |
USDGO | OSL Group |
USDtb | Ethena Labs |
fUSD | Falcon Finance |
ZLUSD | Zelle |
Beyond issuance, Anchorage operates Atlas, a counterparty settlement network that covers off-exchange settlement, collateral management and cross-border transfers. The company says its goal is to become "the settlement bank for stablecoins" at institutional scale.
What it means for Visa partners
Dan Roesbery, Visa's vice president for global crypto partnerships, said that as stablecoin payments grow, the company wants to give partners "more choice" in how they settle with Visa. USDPT becomes "another trusted, institution-grade option backed by a federally chartered bank."
