Visa lets partners settle in Western Union's USDPT, the first Anchorage-issued stablecoin on its network, and builds a framework for more

Visa is adding another dollar stablecoin to its settlement options. Anchorage Digital said on Thursday it is working with Visa so that select stablecoins issued by Anchorage Digital Bank, a federally chartered bank, can serve as native settlement assets on the Visa network. The first is Western Union's USDPT, which Visa and eligible partners can now use to settle obligations on VisaNet.

The companies said they are building a framework to consider other Anchorage-issued stablecoins. Anchorage also issues Tether's US-regulated USAT and Ethena's USDtb, Decrypt reported. According to The Block, USDPT debuted on Solana in May, Western Union first launched it in the Philippines and Bolivia, and Western Union plans to use it for 24/7 settlement across its network of more than 200 countries. Neither outlet gave a launch date for the framework or any USDPT volume.

The step builds on Visa's existing stablecoin settlement program: The Block reported an annualized run rate of $20 billion in September, more than 15 times the year-earlier figure. "Stablecoins have made money move faster, but speed alone won't bring institutions onchain," Anchorage CEO Nathan McCauley said, adding that institutions want a regulated institution behind the money.