Anchorage Digital, the first crypto firm to obtain a US banking charter, announced Stablecoin Solutions, a service allowing non-US banks to replace traditional correspondent banking relationships with US-regulated stablecoin rails. The offering combines minting and redemption, custody, fiat treasury management, and settlement into one product.
A New Alternative to Correspondent Banking
Correspondent banking enables foreign banks to use a third-party institution for cross-border activities like wire transfers, currency exchange, and foreign deposits. However, the model is expensive and slow. Anchorage Digital says its stablecoin rails can cut settlement delays and simplify the messy legacy system. CEO Nathan McCauley stated, “Stablecoins are becoming core financial infrastructure. Stablecoin Solutions gives banks a federally regulated way to move dollars globally using blockchain rails, without compromising custody, compliance, or operational control.”
Regulatory Foundation Under GENIUS Act
The service comes after the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which provides a federal framework for stablecoin issuers. Anchorage Digital, already regulated by the Office of the Comptroller of the Currency (OCC), is moving to tap the new law. It supports major stablecoin brands including Tether’s USDT, Circle’s USDC, and emerging tokens like Ethena Labs’ USDtb, OSL’s USDGO, and Western Union’s upcoming USDPT.
Implementation Still in Progress
The GENIUS Act has not been fully implemented by federal agencies like the OCC, which are now drafting relevant regulations. Meanwhile, Senate negotiations over the Digital Asset Market Clarity Act have reopened discussions on stablecoin yield provisions. Anchorage Digital’s launch is a first-mover play, but the regulatory landscape remains evolving.