Visa adds Western Union's USDPT stablecoin to its settlement network via Anchorage

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Visa adds Western Union’s USDPT stablecoin to its settlement network via Anchorage

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Visa and eligible partners can now settle VisaNet obligations using Western Union's USDPT, a stablecoin issued by Anchorage Digital Bank. The deal arrives as total stablecoin supply has fallen to around $280 billion.

Anchorage Digital is collaborating with Visa to support select stablecoins issued by its federally chartered bank as native settlement assets on the Visa network, starting with Western Union's USDPT. Visa and eligible partners can use the token to settle VisaNet obligations. The companies are also creating a framework to consider additional Anchorage-issued stablecoins, according to a statement shared with The Block.

Anchorage CEO Nathan McCauley said institutions need more than speed. According to McCauley: "They need a regulated institution behind the money."

How USDPT reached Visa's network

USDPT debuted in May on Solana, with Anchorage Digital Bank handling issuance and Fireblocks providing the wallet and settlement infrastructure. Western Union first launched it in the Philippines and Bolivia. It has plans to use the token for 24/7 settlements across its network of more than 200 countries.

Anchorage has also issued stablecoins for Tether (USAT), OSL Group (USDGO), Ethena Labs (USDtb), Falcon Finance (fUSD), and Zelle (ZLUSD). Anchorage said the Visa partnership fits its push to become a settlement bank for stablecoins, extending its business beyond issuance into custody and settlement services for institutions.

Visa widens its stablecoin settlement options

The partnership comes as stablecoin supply contracts. According to The Block's data dashboard, total supply has fallen to around $280 billion, down from $300 billion in March this year. Tether's USDT holds $177 billion, followed by Circle's USDC at around $70 billion.

For Visa, the deal builds on an expanding settlement network. The company said in September that its annualized stablecoin settlement run rate reached $20 billion, more than 15 times the year-earlier figure. Visa has also added networks including Monad, Canton, Base, and Tempo to its settlement options.

Source: The Block

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