XFX joins Atlas: Instant settlement, unified fiat and stablecoin rails

Background: About XFX

XFX is institutional FX and settlement infrastructure that delivers industry-leading execution, fast settlement, and capital efficiency. By unifying fiat and stablecoin liquidity, XFX enables payment service providers, money transmitters, financial institutions, exchanges, and market makers to move value across currencies and borders with greater speed and scale. When XFX sought regulated U.S. banking and settlement infrastructure, it chose Anchorage Digital.

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The challenge

Cross-border flows have long been constrained by pre-funded nostro/vostro accounts, banking hours, and settlement that can take days. For XFX, one structural problem was fragmentation: running both fiat and stablecoin operations historically meant maintaining separate banking and crypto relationships, each with its own counterparties, timelines, and operational overhead.

XFX needed regulated U.S. banking infrastructure with integrated USD and stablecoin rails, around the clock settlement, and a way to reduce the capital trapped in guaranteeing execution — all without slowing down the FX engine at the core of its business.

“We're now seeing an accelerated transition to onchain infrastructure and asset-agnostic settlement across fiat currencies and stablecoins — and that will unlock significant value for the institutions that move money globally. Atlas by Anchorage Digital gives us the regulated, institutional-grade rails to build on that shift.”

— Santiago Alvarado, Co-Founder & CEO, XFX

The solution: What we built together


Anchorage Digital and XFX are partnering to expand institutional access to 24/7 markets. Under the partnership, Anchorage Digital Bank N.A. provides XFX with access to U.S. banking infrastructure and integrated USD and stablecoin rails. XFX provides the FX execution layer — handling smart routing across fiat and stablecoin liquidity, near-instant settlement, and capital-efficient execution. Together, the stack delivers around-the-clock access to USD and stablecoin rails via the Atlas settlement network, replacing the fragmented model where fiat and stablecoin activity required separate banking and crypto relationships.

Atlas participation: XFX joined the Atlas settlement network as a participant in November 2025, gaining access to instant settlement between trusted counterparties on a federally regulated platform.

Capital efficiency by design: Atlas is built to address one of the most persistent frictions in institutional markets: settlement. Rapid settlement between trusted participants reduces counterparty exposure and operational complexity while freeing up the capital institutions would otherwise leave trapped in pre-funded accounts.

A stronger settlement network: XFX's participation brings FX  expertise to Atlas and reflects growing institutional demand for regulated infrastructure that connects fiat and stablecoin rails.

“Institutions moving money across borders need settlement infrastructure that is fast, capital-efficient, and built on regulated custody. Atlas was designed to meet that need by connecting trusted market participants through secure settlement rails, and XFX's participation extends those benefits to cross-border transfers.”

— Nathan McCauley, Co-Founder and CEO, Anchorage Digital

By leveraging Anchorage Digital Bank's federally regulated platform, XFX can focus on FX execution and optimized liquidity routing while relying on institutional-grade U.S. banking and 24/7 settlement.

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DISCLOSURES

_{Custody, settlement, staking, and governance services are offered through Anchorage Digital Bank National Association (“Anchorage Digital Bank”). Digital asset trading services are provided by Anchorage Hold LLC (“Anchorage Hold”). Agency trading services are offered in New York by Anchorage Digital NY, LLC. BitLicense #0000041. A1 Ltd. is a principal trading business. Anchorage Services, LLC (“Anchorage Services”) is an NFA-registered introducing broker, NFA ID No. 0532710. Anchorage Digital Bank, Anchorage Hold, and Anchorage Services are not registered with the SEC or any state authority as a broker or dealer and are not authorized to engage in the business of the offer, sale, or trading of securities. Anchorage Digital services are offered to institutions and certain high net worth individuals in limited circumstances. Certain trading services are designed and available only for institutions who meet eligibility requirements, including qualification as an Eligible Contract Participant (ECP) under the rules of the U.S. Commodity Futures Trading Commission. For institutions participating in custody, staking, or governance with Anchorage’s Singapore entity, those services are offered through Anchorage Digital Singapore Pte Ltd (“Anchorage Digital Singapore”). Anchorage Digital does not provide legal, tax, or investment advice or private banking services. There can be no assurance that any cryptocurrency, token, coin, or other crypto asset will be viable, liquid, or solvent. No Anchorage Digital communication is intended to imply that any digital asset services are low-risk or risk-free. Digital assets held in custody are not guaranteed by Anchorage Digital and are not subject to the insurance protections of the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC).}

_{Anchorage Digital Bank National Association offers fiat custody services through the use of an FDIC-insured, licensed sub-custodian.}