Visa adds Western Union's USDPT to settlement network

Traders Union
All News
Crypto
Visa adds USDPT settlement

Highlights

Visa partners with Anchorage Digital to enable settlement of VisaNet obligations using Western Union's USDPT stablecoin, initially launched in the Philippines and Bolivia.
Visa's annualized stablecoin settlement run rate hit $20 billion in September, up more than 15 times year-on-year, with added networks like Monad, Canton, Base, and Tempo.
Total stablecoin supply fell to about $280 billion from $300 billion in March, reflecting contraction despite Anchorage's institutional push and expansion of settlement services.

Stablecoin settlement expands on Visa network

As reported by The Block, Anchorage Digital says it is collaborating with Visa to support select stablecoins issued by its federally chartered bank as native settlement assets on the Visa network, beginning with Western Union's USDPT.

Under the arrangement, Visa and eligible partners can use USDPT to settle VisaNet obligations. Anchorage Digital says the companies are also establishing a framework to evaluate additional stablecoins issued by Anchorage for use in settlement.

Anchorage Digital CEO Nathan McCauley says stablecoins have made money move faster, but institutions also need a regulated entity behind those assets to move onchain at scale. He says support for Anchorage-issued stablecoins on the Visa network combines the speed of stablecoins with the backing of a federally regulated bank.

USDPT debuted in May on Solana, with Anchorage Digital Bank handling issuance and Fireblocks providing 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 in more than 200 countries.

Institutional push comes amid market contraction

Anchorage has also issued stablecoins for Tether, OSL Group, Ethena Labs, Falcon Finance, and Zelle. The company says its work with Visa aligns with a broader push to become a stablecoin settlement bank, extending its business from issuance into custody and settlement services for institutions.

Anchorage was valued at more than $3 billion in its $350 million Series D funding round in 2021. This year, it has expanded institutional services including onchain lending through Spark and custody-based collateral management.

The partnership arrives as stablecoin supply contracts. The Block's data dashboard shows total supply at about $280 billion, down from $300 billion in March this year, with Tether's USDT at $177 billion and Circle's USDC at around $70 billion.

For Visa, the Anchorage tie-up adds to a growing stablecoin settlement network. The company says its annualized stablecoin settlement run rate reached $20 billion in September, more than 15 times the level a year earlier, and it has also added networks including Monad, Canton, Base, and Tempo to its settlement options.

We recently wrote about SEON Philippines expansion as fraud controls drive new demand from banks and remittance firms.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.