Western Union is set to launch its U.S. dollar-backed stablecoin, USDPT, on the Solana blockchain next month. The financial services giant announced the move during its Q1 earnings call, stating the stablecoin will be issued by Anchorage Digital Bank for agent settlement operations.
CEO Devin McGranahan called USDPT "the foundation of our strategy," emphasizing Western Union's increasing activity in digital assets. This initiative represents a significant pivot towards blockchain infrastructure for core business operations, aiming to streamline institutional settlement and cross-border payments.
The company is also developing a broader digital asset ecosystem, including the Digital Asset Network (DAN), which will connect cryptocurrency wallets with Western Union's physical locations. Furthermore, Western Union plans to release its USD Stable Card later this year across numerous markets. This card will allow consumers to hold value in stablecoins and facilitate global spending, particularly in inflation-sensitive regions where dollar-denominated value is desired.