Anchorage Digital expanded its custody-and-listing arrangement with Latin American crypto platform Bitso to cover both sides of the US-Mexico corridor. The route moves tens of billions of dollars a year, and the companies did not disclose financial terms.
Anchorage Digital expanded its arrangement with Bitso to hold the stablecoins that move between the United States and Mexico. The deal was announced Tuesday.
Custody on both sides of the corridor
The federally chartered crypto bank now custodies MXNB, Bitso's Mexican peso stablecoin, across six blockchains: Arbitrum, Base, Ethereum, Polygon, Avalanche, and Arc. Bitso, in turn, has listed USDPT and USAT, the U.S. dollar stablecoins from Western Union and Tether, which Anchorage issues and custodies.
Anchorage CEO and co-founder Nathan McCauley said the firm is now "the institutional custody layer on both sides of that flow", according to Decrypt. Ben Reid, Bitso's head of stablecoin, said clients can now access the full dollar-peso corridor fully onchain, backed by a federally chartered bank.
A slow and costly route for remittances
The US-Mexico remittance corridor ranks among the biggest cross-border payment flows on earth. Much of that money still travels over correspondent banking, wire transfers and cash-pickup networks that are slow and costly, while about 15% already runs through Bitso's infrastructure.
Anchorage is betting that stablecoins, which settle onchain in seconds around the clock, will increasingly replace those legacy rails. In its view, that requires regulated custody wherever the liquidity sits.
Part of a wider Latin America push
The move extends a broader race to wire stablecoins into Latin America's payments systems. Circle recently launched a USDC settlement pilot in Colombia, part of a wider expansion into dozens of emerging markets.
By anchoring both ends of the corridor, Anchorage is aiming to become the default custodian for any issuer or bank entering the route.
Source: Decrypt
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