Mexican Peso Stablecoin Gains Anchorage Custody on Ethereum and Beyond
Key Takeaways
- Anchorage Digital Bank now provides custody for MXNB across six blockchain networks.
- Bitso has listed Western Union’s USDPT and Tether’s USAT alongside its existing peso stablecoin.
- Bitso says its infrastructure already handles 15% of U.S.-Mexico remittance volume.
Anchorage Digital Expands Stablecoin Custody to MXNB
The financial infrastructure connecting the United States and Mexico is getting a blockchain overhaul, with Anchorage Digital Bank extending its custody services to the Mexican peso stablecoin MXNB across six networks. Simultaneously, Bitso has introduced two U.S. dollar stablecoins, USDPT and USAT, issued by Western Union and Tether, respectively.
The expanded partnership, disclosed on Tuesday, places federally regulated custody behind assets on both sides of a remittance corridor moving tens of billions of dollars annually, with Bitso claiming its infrastructure already processes 15% of that volume.
Six Blockchains, One Custody Provider
Anchorage Digital said it now supports MXNB custody across Arbitrum, Base, Ethereum, Polygon, Avalanche, and Arc, allowing institutional clients to hold the peso-backed asset across multiple blockchain environments through a single banking relationship. The arrangement addresses a practical complication in cross-border stablecoin payments. Liquidity exists across different networks, requiring institutions to manage assets without depending on separate custodians for every blockchain.
“The U.S.-Mexico corridor is where stablecoins stop being a thesis and start moving real money at scale,” Nathan McCauley, Anchorage Digital’s CEO and co-founder, remarked on Tuesday.
A Multibillion-Dollar Payment Corridor
Bitso’s addition of USDPT and USAT introduces dollar-denominated assets alongside MXNB, with Anchorage serving as issuer and custodian for the two dollar stablecoins. Mexican customers can purchase and sell USDPT directly using pesos through Bitso’s application. Western Union agents operating Bitso Business accounts can also exchange USDPT for other supported currencies. The companies describe both dollar stablecoins as compliant with the U.S. GENIUS Act.
The broader ambition involves modernizing remittances traditionally routed through correspondent banks, wire services, and cash collection networks. Blockchain settlement offers continuous availability and transaction traceability, although actual payment costs and processing times depend on the networks and services involved.
With custody spanning both currencies, Anchorage and Bitso are positioning their infrastructure for institutional adoption. The remaining question is how much of the corridor’s traditional payment volume will ultimately migrate onchain.
