In a significant move for cross-border payments, Anchorage Digital Bank has broadened its partnership with Bitso, a leading financial services platform in Latin America. This collaboration now includes custody for the Mexican peso stablecoin, MXNB, across six blockchain networks.
Anchorage's custody services will support not only MXNB but also two new dollar-denominated stablecoins, USDPT and USAT, issued by Western Union and Tether, respectively. This strategic alignment aims to modernize the payment infrastructure between the U.S. and Mexico, where Bitso already facilitates 15% of the remittance volume.
With custody available on Arbitrum, Base, Ethereum, Polygon, Avalanche, and Arc, institutional clients can manage their peso-backed assets seamlessly across multiple blockchain environments. This eliminates the need for separate custodians for each network, enhancing liquidity and operational efficiency.
Nathan McCauley, CEO of Anchorage Digital, emphasized the importance of this corridor, stating, “The U.S.-Mexico corridor is where stablecoins stop being a thesis and start moving real money at scale.” This partnership is poised to transform how remittances are processed, moving away from traditional banking methods.
Bitso's integration of USDPT and USAT allows Mexican users to transact directly in dollars using pesos, further simplifying cross-border exchanges. The companies aim to leverage blockchain technology for continuous availability and transaction traceability, although costs and processing times will vary based on the networks utilized.
As Anchorage and Bitso enhance their infrastructure, the focus remains on how much of the traditional payment volume will transition to on-chain solutions, marking a pivotal shift in the financial landscape.
