Bitso, a leading cryptocurrency exchange in Latin America, has partnered with Stellar Development Foundation to enhance the global payment corridor between Latin America and the rest of the world. This collaboration leverages Stellar’s Anchor Network, a system designed to bridge the gap between the Stellar network and traditional banking systems, enabling seamless interoperability of all global currencies on a single platform.
The Anchor Network serves as a trusted link between the Stellar network and other payment systems. It facilitates the transfer of value from traditional banking systems into Stellar and vice versa. Anchors can offer a variety of financial services on the network, including issuing assets, creating on/off ramps, providing access to XLM or USDC on Stellar, or integrating a Stellar Ecosystem Protocol (SEP) to interoperate with other projects on the network.
According to an article by CoinDesk, Bitso’s integration with the Anchor Network allows businesses worldwide to transact in USD Coin ($USDC) in Argentina, Colombia, and Mexico, where Bitso has direct connections to local banking systems. This development is a response to the growing trend of cross-border payments for international commerce and remittances.
Santiago Alvarado, SVP of Institutional Product at Bitso, emphasized the potential of blockchain technology and crypto assets to significantly improve settlement times and reduce overall costs. Bitso has processed $3.3 billion worth of transactions between Mexico and the U.S., and reported a 32% increase in total international transfers during the second half of 2022.
Jeremy Allaire, Co-Founder, Chairman, and CEO of FinTech firm Circle, acknowledged the growing recognition of the Stellar-powered USDC as a swift, cost-effective Layer 1 solution for digital dollar payments worldwide.