Anchorage Digital is working with Visa to let some of its stablecoins settle on the card network.

The first is Western Union’s USDPT. As a result, Visa and eligible partners can now use USDPT to pay what they owe on VisaNet. The two firms also plan to look at adding more coins later.

However, the firms did not say which partners or markets can use USDPT this way.

For Anchorage Digital, the deal is part of a wider goal. In short, it wants to be a bank that settles stablecoin trades for big firms.

Beyond issuing coins, it also plans to offer custody. Its bank already issues coins for Tether, Western Union, OSL Group, Ethena Labs, Falcon Finance and Zelle.

Each coin is fully backed by US dollars and cash equivalents, the firm said. Moreover, holders can redeem them at par. The bank also mints each one under federal oversight.

These coins move through Atlas, the firm’s own network for settling trades. Its aim is to cut the risk of one side not paying.

In addition, Atlas handles off-exchange settlement, collateral management and cross-border transfers.

“Stablecoins have made money move faster, but speed alone won’t bring institutions onchain. They need a regulated institution behind the money,”

said Nathan McCauley, Co-Founder and CEO at Anchorage Digital.

“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 & GTM at Visa.

Featured image: Edited by Fintech News Switzerland, based on image by vicnt via Magnific.