Anchorage Digital expands Bitso deal to manage US-Mexico stablecoin corridor
The agreement places the federally chartered bank at both ends of the remittance route between the two countries.
Key takeaways
- 1Anchorage Digital Bank expanded its deal with Bitso on 27 October.
- 2The bank will provide custody for both the US and Mexican sides of the corridor.
- 3Anchorage is the only US federally chartered crypto bank.
- 4The deal targets the stablecoin remittance market between the two countries.
Anchorage Digital Bank expanded its partnership with Bitso on 27 October to provide custody services for stablecoin transfers between the United States and Mexico. The deal makes the US-based bank the primary custodian for assets on both sides of the remittance corridor. This arrangement is intended to create a more efficient path for digital assets moving between the two nations.
Decrypt reported that the move allows Anchorage to secure the underlying infrastructure for cross-border payments. By holding the assets at both ends, the bank aims to reduce delays found in international transfers. The bank will manage the private keys and the settlement process for Bitso’s institutional clients using stablecoins for liquidity.
Bitso is a cryptocurrency exchange based in Mexico with operations across Latin America. Anchorage Digital Bank is the only crypto-native firm to hold a national bank charter from the US Office of the Comptroller of the Currency. This charter allows the bank to operate across state lines without needing individual licences for every US state.
Remittances from the United States to Mexico represent one of the largest payment corridors in the world, with billions of dollars moved annually. Stablecoins are often used as a cheaper alternative to traditional wire transfers, which can take several days and involve multiple intermediary banks. By using digital assets, companies can bypass the correspondent banking system, which often adds layers of cost and delay to transactions.
The companies did not disclose the specific transaction volumes they expect to handle under the new arrangement. This expansion builds on a multi-year relationship between the two firms that previously focused on simpler custody solutions. The service targets institutional clients, such as payment providers and corporate treasuries, that require regulated environments for their funds.
Regulatory compliance is a central part of the deal, as both firms must follow rules set by US and Mexican authorities. Anchorage's status as a federally chartered bank provides legal certainty that offshore custodians cannot match. The companies expect the first transactions under this expanded framework to begin immediately.
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