Newsletter
- Anchorage Digital has expanded its collaboration with Bitso in terms of hosting and coin listing arrangements, covering both ends of the US-Mexico channel.
- This collaboration targets the US-Mexico remittance corridor, one of the largest cross-border remittance channels in the world, with annual transaction volumes reaching tens of billions of dollars.
- This move also continues the stablecoin competition in Latin America. Circle has recently launched a USDC settlement pilot in Colombia.
Anchorage Digital is attempting to position itself at the heart of one of the largest global capital transfer routes. The company has expanded its collaboration with the Latin American cryptocurrency platform Bitso in terms of custody and token listing, to manage stablecoins that circulate between the United States and Mexico.
This collaboration was announced on Tuesday. According to the arrangements, the custody services of Anchorage Digital Bank will cover both ends of this channel. The Mexican peso stablecoin MXNB of Bitso is currently custodied by this federally licensed crypto bank, covering six blockchains: Arbitrum, Base, Ethereum, Polygon, Avalanche, and Arc.
Meanwhile, Bitso has launched USDPT and USAT – which are the US dollar stablecoins corresponding to Western Union and Tether respectively. Both of these stablecoins are issued and managed by Anchorage. No financial terms have been disclosed by either party.
This collaboration is aimed at the US-Mexico remittance corridor. This channel transfers tens of billions of dollars each year and is one of the largest cross-border payment flows in the world. Reports indicate that a considerable portion of this funds is still transferred through correspondent banks, bank wire transfers, and cash withdrawal networks, which are slower and more costly; however, about 15% of it is already being processed through the infrastructure of Bitso.
Anchorage With stables, settlements can be completed on-chain around the clock in seconds, and in the future, they will increasingly replace these traditional channels. To achieve this, there is a need for regulated hosting infrastructure that can be deployed wherever liquidity is found.
"The US-Mexico channel has become a place where stablecoins transform from a theoretical concept into large-scale real capital flows," said Anchorage, CEO and co-founder of Nathan McCauley. He believes that the company has now become "the institutional-level custodian at both ends of this pathway." Ben Reid, head of the stablecoin business at Bitso, stated that customers can now access a full dollar-peso channel in a fully blockchain-based manner, with the support of a federally licensed bank.
This move also continues a broader competition: to integrate stablecoins into the payment infrastructure of Latin America. Circle has recently deepened its presence in the region by launching a USDC settlement pilot in Colombia; this is part of its expansion into dozens of emerging markets, as stablecoins gradually become more mainstream.
For Anchorage, this collaboration is built upon its continuously expanding stablecoin territory. The bank issues Tether, a stablecoin that is regulated in the United States, and Bitso has also been promoting its peso stablecoin MXNB on networks such as Arbitrum. By anchoring both ends of this channel, Anchorage aims to become the default custodian for any issuer or bank that enters this route.
