Visa Expands Stablecoin Settlement Through Anchorage Digital Partnership

Visa is expanding its stablecoin settlement capabilities through a new partnership with Anchorage Digital to support Western Union’s USDPT token.

The move allows eligible Visa partners to settle obligations using USDPT, a dollar-backed stablecoin issued by Anchorage Digital Bank. This expansion follows a broader strategic push by Visa to integrate blockchain-based assets into traditional payment rails, aiming to reduce the friction of waiting for banking hours to conclude.

“Stablecoins have made money move faster, but speed alone won’t bring institutions onchain. They need a regulated institution behind the money,” Nathan McCauley, co-founder and CEO of Anchorage Digital, said in a release.

According to a report from PYMNTS, the scale of this shift is already evident in the data. The annualized run rate of Visa’s stablecoin settlement volume has increased more than 15 times year over year, now exceeding $20 billion.

The drive for 365-day settlement

The partnership enables Visa to offer more choice in how partners settle transactions, a necessity as digital asset usage climbs. Anchorage Digital intends to use this collaboration to position itself as a large-scale settlement bank for the institutional stablecoin ecosystem, providing both token issuance and the necessary custody and settlement infrastructure.

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This development builds on Visa’s previous efforts in the sector. In September, the company launched a program to help FinTechs and stablecoin-linked card programs access working capital through on-chain lending, PYMNTS reported. Payment volume for stablecoin-linked card programs on the Visa network grew nearly 200% year over year.

While the technology is accelerating, institutional adoption remains uneven. A PYMNTS Intelligence report titled “Waiting for Certainty: Why Most CFOs Are Holding Back on Crypto and Stablecoins” found in March that many middle-market companies are still hesitant. The report said that only 13% of these firms currently use stablecoins, while just 5% utilize other cryptocurrencies.

Visa tests stablecoin settlement capabilities across global markets

Visa has been testing these capabilities in various markets for several years. In 2023, the company became one of the first major payment networks to pilot stablecoin settlement by enabling clients to fulfill obligations using USDC, according to Visa. To date, over $225 million in stablecoin volume has been settled through the network via participating clients.

The company has also looked toward the CEMEA region—covering Central and Eastern Europe, the Middle East, and Africa—to modernize infrastructure. In June 2025, Visa announced it was expanding stablecoin settlement solutions to select issuers and acquirers in that region to facilitate USD cross-border transactions. This initiative is designed to enhance liquidity management and support 365-day settlements, including weekends and holidays.

As part of those regional efforts, Visa partnered with the pan-African fintech Yellow Card to explore use cases for stablecoins. This partnership aims to test integrations with Visa Direct to investigate expanded cross-border payment options in markets where Yellow Card is licensed.

“In 2025, we believe that every institution that moves money will need a stablecoin strategy,” Godfrey Sullivan, Visa’s Senior Vice President and Head of Product and Solution for CEMEA, said.

The fundamental challenge for the industry remains moving beyond mere transaction speed to proving that a digital-first financial system can operate with significantly less idle capital. “With Anchorage Digital select issued stablecoins now being supported on the Visa network, institutions get both: the speed of a stablecoin and the safety of a federally regulated bank behind it,” McCauley said.

“As stablecoin payments grow, we’re focused on providing more choice for our partners in how they settle with Visa,” said Dan Roesbery, vice president of global crypto partnerships and GTM at Visa.

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