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Visa is adding Western Union's USDPT stablecoin as a native settlement asset on its network through a collaboration with Anchorage Digital, whose federally chartered bank issues the token. Visa and eligible partners can use USDPT to settle VisaNet obligations, and the companies have built a framework to consider additional Anchorage-issued stablecoins down the line.
USDPT debuted in May on Solana, with Anchorage Digital Bank handling issuance and Fireblocks providing wallet and settlement infrastructure. Western Union first launched the stablecoin in the Philippines and Bolivia, with plans to use it for 24/7 settlement across a network spanning more than 200 countries.
Why it matters
The partnership pairs stablecoin speed with a regulated institution behind the money. "Stablecoins have made money move faster, but speed alone won't bring institutions onchain," Anchorage CEO Nathan McCauley said in the announcement. "They need a regulated institution behind the money."
For Anchorage, the deal extends its push to become a settlement bank for stablecoins, moving beyond issuance into custody and settlement services. The bank has already issued stablecoins for Tether (USAT), OSL Group (USDGO), Ethena Labs (USDtb), Falcon Finance (fUSD) and Zelle (ZLUSD), and this year expanded institutional services including onchain lending through Spark and custody-based collateral management after a $350 million Series D that valued it above $3 billion.
Market impact
For Visa, the tie-up builds on fast-growing stablecoin settlement: the company reported a $20 billion annualized settlement run rate in September, more than 15 times the year-earlier figure, and has added Monad, Canton, Base and Tempo to its settlement options.
The expansion lands as stablecoin supply contracts. Total supply has fallen to around $280 billion from $300 billion in March, with Tether's USDT dominating at $177 billion and Circle's USDC at roughly $70 billion. Institutional-grade settlement rails like this one could capture a growing share of that flow as payment networks consolidate around regulated issuers.
Frequently asked questions
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What is USDPT and who issues it?
USDPT is Western Union's US dollar stablecoin, issued by Anchorage Digital Bank, a federally chartered institution. It debuted in May on Solana, with Fireblocks providing wallet and settlement infrastructure.
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How does the Visa and Anchorage Digital partnership work?
Anchorage and Visa are collaborating so select stablecoins issued by Anchorage's federally chartered bank can be used as native settlement assets on the Visa network, starting with USDPT, plus a framework to consider additional Anchorage-issued stablecoins.
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Which other stablecoins has Anchorage Digital issued?
Anchorage has issued stablecoins for Tether (USAT), OSL Group (USDGO), Ethena Labs (USDtb), Falcon Finance (fUSD) and Zelle (ZLUSD), alongside Western Union's USDPT.
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How large is Visa's stablecoin settlement volume?
Visa reported an annualized stablecoin settlement run rate of $20 billion in September, more than 15 times the year-earlier figure, and has added Monad, Canton, Base and Tempo to its settlement options.
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What is the current total stablecoin market supply?
Total stablecoin supply has fallen to around $280 billion from $300 billion in March this year. Tether's USDT dominates with $177 billion, followed by Circle's USDC at roughly $70 billion.
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