Visa Lets Partners Settle in Western Union's USDPT via Anchorage
USDPT is the first Anchorage-issued stablecoin cleared for VisaNet settlement. Visa is also one of Anchorage's investors, the bank's own release says.
Visa and eligible partners can now pay what they owe each other on VisaNet using USDPT, Western Union's dollar stablecoin, Anchorage Digital said on Thursday. USDPT is the first of the six stablecoins Anchorage Digital Bank issues to get that status.
The bank issues and holds the token. Its other five include Tether's USAT, Ethena's USDtb and Zelle's ZLUSD, and the companies set up a framework to consider adding more after the USDPT launch.
How card settlement works
When you tap a Visa card, the shop gets paid quickly, but the banks behind the purchase square up later. Your card's issuing bank owes money to the shop's bank, and VisaNet tallies those debts and settles them, normally in ordinary dollars through banks. Settling in a stablecoin (a token meant to hold a steady $1 value) lets that money move on a blockchain at any hour.
Anchorage says each of its stablecoins is fully backed by U.S. dollars and cash equivalents and redeemable 1:1. Its bank is federally chartered and overseen by the Office of the Comptroller of the Currency.
"Stablecoins have made money move faster, but speed alone won't bring institutions onchain," Anchorage CEO Nathan McCauley said in the release. Visa's Dan Roesbery, who runs its global crypto partnerships, said the deal gives partners "another trusted, institution-grade option."
Who gets paid
Neither company disclosed fees, volumes or which partners plan to use USDPT first. One tie worth knowing: Visa is listed among Anchorage's investors in the bank's own release, alongside Goldman Sachs, KKR and Andreessen Horowitz.
The deal lands while the stablecoin market shrinks. Total supply stood at $289.3 billion on Thursday, down $4.65 billion over the past week, DefiLlama data show. USDT accounts for $175.6 billion of it and USDC $69.7 billion.
In our opinion: the stake is Visa's back office, the part of card payments most people never see. The next checkpoint is volume. Until Visa or Anchorage says how much USDPT actually settles, all anyone can count is the open door.
This is not financial advice.
Sources: Anchorage Digital: Anchorage Digital to Support Visa Stablecoin Settlement, Star · Crypto Briefing: Visa adds Western Union's USDPT stablecoin to its settlement ne · Decrypt: Anchorage Digital's Stablecoins Can Now Settle Payments on Visa's Netwo · DefiLlama: Stablecoins
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