Anchorage Digital Expands Custody Services in US-Mexico Stablecoin Corridor

Anchorage Digital Enhances Custody Partnership with Bitso

Anchorage Digital has solidified its position as a key player in the U.S.-Mexico remittance market by expanding its custody and listing agreement with the Mexican crypto exchange Bitso. This partnership aims to facilitate the flow of stablecoins across one of the largest money-transfer routes globally, which handles tens of billions of dollars annually.

Under the new arrangement, Anchorage will provide custody for Bitso's MXNB, a stablecoin pegged to the Mexican peso, across six different blockchains, including Ethereum and Polygon. Additionally, Bitso has integrated U.S. dollar stablecoins issued by Anchorage, such as USDPT and USAT, into its offerings, although financial details of the collaboration were not disclosed.

The U.S.-Mexico corridor remains a pivotal area for remittances, with a significant portion of money transfers still reliant on traditional banking methods, which can be slow and expensive. Currently, about 15% of these transactions utilize Bitso's infrastructure, signaling a growing shift towards digital solutions.

Anchorage's CEO, Nathan McCauley, emphasized the importance of this corridor, stating, "The US-Mexico corridor is where stablecoins stop being a thesis and start moving real money at scale." He believes that regulated custodianship is essential for the liquidity needed in this market. Bitso's head of stablecoin, Ben Reid, highlighted that clients can now engage fully with the dollar-peso corridor through on-chain transactions, supported by a federally chartered bank.

This development is part of a wider trend of integrating stablecoins into Latin America's payment systems, with other firms like Circle also expanding their presence in the region. The arrangement positions Anchorage as a leading custodian for any entity looking to navigate the U.S.-Mexico stablecoin corridor effectively.