Visa has integrated Anchorage Digital Bank’s U.S. Dollar Payment Token (USDPT) into its settlement network, allowing eligible partners to utilize this stablecoin for settling obligations on VisaNet. This marks the first time an Anchorage-issued stablecoin has been recognized as a native settlement asset within Visa’s framework.
Anchorage Digital Bank Expands Stablecoin Offerings
Visa’s Vice President Dan Roesbery highlighted that the integration of USDPT provides partners with an additional settlement option that is backed by a federally chartered bank. Anchorage Digital Bank, which also issues stablecoins for Tether, OSL Group, Ethena Labs, Falcon Finance, and Zelle, assures that these stablecoins are fully backed by U.S. dollars and cash equivalents, allowing for one-to-one redemption.
Future of Stablecoin Integration on Visa’s Network
The partnership establishes a framework for Visa to potentially support more stablecoins issued by Anchorage in the future. Additionally, Anchorage Digital has applied for swap dealer registration through the National Futures Association (NFA) to gain oversight from the Commodity Futures Trading Commission (CFTC) for its institutional options business. Recently, the bank also reported a workforce reduction of 17 percent.
Visa is reportedly exploring a USD 2.5 billion acquisition of crypto custody firm Fireblocks, although Fireblocks has denied any discussions regarding this matter. A recent study by Visa indicated that the intent to adopt U.S. stablecoins has increased significantly, rising from 36 percent to 56 percent among consumers when considering bank-level protections.