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Visa Adds Western Union’s USDPT as First Anchorage Stablecoin for VisaNet Settlement

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Visa Adds Western Union’s USDPT as First Anchorage Stablecoin for VisaNet Settlement

Key takeaways

  • Anchorage Digital and Visa will support Western Union’s USDPT stablecoin as a native settlement asset on VisaNet.
  • USDPT is the first stablecoin issued by Anchorage Digital Bank to be supported, and the firms set up a framework to add more.
  • The deal extends Visa’s stablecoin settlement push, which already includes networks such as Monad, Canton, Base and Tempo.

Visa will let eligible partners settle VisaNet obligations using Western Union’s USDPT stablecoin, the first token issued by Anchorage Digital Bank to gain that status, The Block reported on Thursday, Nov. 12. The companies also created a framework to evaluate additional Anchorage-issued stablecoins for the network.

Anchorage said the deal supports its goal of becoming a settlement bank for stablecoins at institutional scale, extending its business beyond issuance into custody and settlement. Its federally chartered bank already issues dollar-pegged tokens including Tether’s USAT, OSL Group’s USDGO, Ethena Labs’ USDtb, Falcon Finance’s fUSD and Zelle’s ZLUSD.

“Stablecoins have made money move faster, but speed alone won’t bring institutions onchain,” Anchorage Digital co-founder and CEO Nathan McCauley said. “They need a regulated institution behind the money.” He said institutions now get “the speed of a stablecoin and the safety of a federally regulated bank behind it.”

USDPT debuted in May on Solana, with Anchorage Digital Bank handling issuance and Fireblocks providing wallet and settlement infrastructure. Western Union first launched the token in the Philippines and Bolivia and plans to use it for round-the-clock settlement across its network of more than 200 countries, according to The Block.

Anchorage also runs Atlas, an institutional settlement network for off-exchange settlement, collateral management and cross-border transfers. The company reached a valuation of more than $3 billion in a $350 million Series D round in 2021, and this year added services such as onchain lending through Spark, The Block reported.

Visa’s Growing Stablecoin Network

“As stablecoin payments grow, we’re focused on providing more choice for our partners in how they settle with Visa,” said Dan Roesbery, Visa’s vice president of global crypto partnerships and go-to-market, according to Bitcoin.com News. He called USDPT “another trusted, institution-grade option backed by a federally chartered bank.”

Visa said in September that its annualized stablecoin settlement run rate had reached $20 billion, more than 15 times the year-earlier figure, The Block reported. Bitcoin.com News gave a higher figure of $25 billion as of September, alongside more than 225 active stablecoin-linked card programs worldwide.

Visa has added Monad, Canton, Base and Tempo as settlement options, The Block said, and the Monad Foundation announced its integration earlier this week. Traditional card settlement typically runs on a five-business-day schedule through banks, while blockchain settlement can move funds on weekends and holidays, Bitcoin.com News noted.

The deal lands as overall stablecoin supply shrinks. Total supply has fallen to around $280 billion from $300 billion in March, according to The Block’s data dashboard, with Tether’s USDT at $177 billion and Circle’s USDC at about $70 billion. Visa has also been moving stablecoin prefunding for Visa Direct into production.

Next, Visa and Anchorage plan to evaluate more Anchorage-issued stablecoins backed 1-to-1 by U.S. dollars and cash equivalents for settlement on the network.

Crypto

Nvidia Names Colette Kress Interim CEO After Jensen Huang Resigns

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Nvidia Names Colette Kress Interim CEO After Jensen Huang Resigns

Key takeaways

  • Nvidia’s board accepted Jensen Huang’s resignation as president, chief executive and a director on Nov. 11, effective immediately, and named Chief Financial Officer Colette Kress as interim CEO.
  • Nvidia shares closed down 4.3% on Thursday after falling more than 13% at the open, according to CNBC.
  • Bitcoin traded as low as $71,200 on Thursday, The Block reported, and fell further below $70,000 on Friday.

Nvidia’s board accepted Jensen Huang’s resignation as president, chief executive and a director on Nov. 11 and named Chief Financial Officer Colette Kress interim CEO, the company said on Nov. 12. Shares closed down 4.3%, according to CNBC, as bitcoin also fell.

In an official announcement, Nvidia said Kress, its executive vice president and chief financial officer since 2013, will keep those roles while she serves as interim chief executive. The board said it has begun a search for a permanent successor and will consider both internal and external candidates.

The board also appointed longtime director Harvey C. Jones as its first chair. An SEC filing dated Nov. 12 said Jones, 73, has served on the board since 1993 and is managing partner of Square Wave Ventures. The filing said the board accepted the resignation of Jen-Hsun Huang, Huang’s legal name, effective immediately.

“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” Jones said in the company’s statement. He added that the board has “full confidence in Colette and the leadership team” and expects operations, customer commitments and the product roadmap “to continue without interruption.”

“NVIDIA’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” Kress said. She said the company would keep serving its customers, partners, developers and shareholders.

Nvidia’s announcement and its filing did not give a reason for the resignation. Reuters and The Associated Press reported that Huang stepped down after revelations of extramarital affairs, including one involving a woman U.S. authorities suspect of spying for China.

Shares Slide, and Crypto Follows

CNBC said Nvidia shares plunged more than 13% at the open on Thursday, hitting a 52-week low early in the session, before finishing 4.3% lower. The network said the stock had been on track to close below a $4 trillion market value for the first time since July 2025, then rose just above that mark into the close.

Reuters reported the same 4.3% decline at the close, with a 1% bounce in after-hours trading, and said shares of rivals Advanced Micro Devices and Broadcom each rose about 6%.

Bitcoin fell to as low as $71,200 on Thursday, its weakest level in nearly 12 weeks, and was down 3.4% at $71,600 when The Block published. Ether, Solana and XRP each declined more than 3.5% over 24 hours. More than $750 million in crypto positions were liquidated, including over $634 million in long positions, according to CoinGlass data cited by The Block.

The selling continued into Friday, when bitcoin fell below $70,000 and liquidations reached $1.47 billion, CoinReporter reported, with Nvidia’s leadership change cited among the pressures on the market. A hotter-than-expected October inflation reading earlier in the week had already raised bets on a larger Federal Reserve rate increase in December.

Nvidia said it will report fiscal third-quarter 2027 results on Tuesday, Nov. 17, as previously scheduled, followed by an earnings call. The company did not give a timetable for naming a permanent chief executive.

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