Anchorage Digital launches stablecoin-based correspondent banking service for overseas banks
JH Kim
Summary
- Anchorage Digital reported that it has launched a correspondent banking system, “Stablecoin Solutions,” leveraging stablecoins.
- It said the service replaces the existing correspondent banking structure with a stablecoin-based on-chain settlement framework to support overseas banks’ U.S. dollar payments quickly and efficiently.
- Anchorage said it is a digital asset bank authorized by the Office of the Comptroller of the Currency (OCC), and that the service will be provided within the regulatory framework of the GENIUS Act.
Anchorage Digital, a digital asset (cryptocurrency) bank, has launched a stablecoin-enabled correspondent banking system called “Stablecoin Solutions.”
According to crypto-focused media outlet CoinDesk on the 19th (local time), the service aims to replace the existing correspondent banking structure—complex and costly—with a stablecoin-based on-chain settlement framework.
It said the move is designed to help overseas banks process U.S. dollar payments more quickly and efficiently.
Anchorage is a federally chartered digital asset bank authorized by the Office of the Comptroller of the Currency (OCC), and said the new service will also be offered within the regulatory framework of the GENIUS Act, a stablecoin regulatory bill.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
