Anchorage Digital acquires Routable to bring stablecoins into corporate payments

Anchorage Digital, the first federally chartered crypto bank in the US, has acquired Routable, a payment orchestration platform founded in 2017. The deal was announced on October 6, 2026.

The pitch is simple. Routable already moves large volumes of fiat to vendors and contractors. Anchorage wants that same pipe to carry stablecoins and tokenized deposits too.

What Anchorage is buying

Routable’s specialty is payment orchestration. For a company paying thousands of drivers, suppliers, or partners, that layer handles the scheduling, routing, and reconciliation that finance teams would otherwise juggle by hand.

The platform has been on a tear. Routable posted over 100% growth in each of the last two years.

Its client roster includes delivery logistics company Veho, insurance firm Ethos, and electric vehicle maker Polestar. Those are real operating businesses with real payout needs, not crypto-native experiments.

Routable has also drawn backing from some recognizable names. Investors include OpenAI chief Sam Altman and Airbnb co-founder Joe Gebbia.

A new name and a new set of rails

After the acquisition, the company will operate as Routable by Anchorage Digital. Anchorage expects to roll out stablecoin and tokenized deposit settlement over the coming quarters. Those options would sit alongside the traditional fiat transactions Routable already processes.

A stablecoin is a token designed to hold a steady value, usually pegged to the dollar. A tokenized deposit is a bank deposit represented on a blockchain, so it can move like a token while remaining a bank liability.

Anchorage brings the regulated back end. The bank offers stablecoin issuance, custody, and settlement infrastructure built for institutions. Routable brings the front end that corporate finance teams actually log into.

How Anchorage got here

Anchorage has spent years positioning itself as the compliance-friendly option in crypto. Its federal charter makes it a rare entity: a crypto company regulated as a national bank.

The firm also holds licenses in Singapore and New York.

The Routable deal follows a major capital raise. In February 2026, Tether invested $100 million in Anchorage, lifting the bank’s valuation to $4.2 billion.

What this means for institutions and the stablecoin market

Routable gives Anchorage a door into the corporate payments conversation. Instead of selling stablecoins as a new asset class, it can offer them as one more payment option inside a tool companies already use.

The inclusion of tokenized deposits is also worth watching. Banks and regulators have shown interest in that model as a bank-native alternative to privately issued stablecoins. By supporting both, Anchorage avoids betting on a single winner.

There are open questions. The stablecoin and tokenized deposit features are slated for the coming quarters, not available today. Execution will depend on how smoothly Anchorage can integrate its infrastructure without disrupting the fiat business that drove Routable’s growth.

Customer appetite is another variable. Clients like Veho, Ethos, and Polestar signed up for efficient fiat payouts. Whether they, and companies like them, opt into digital settlement will be the real test of the strategy.