Western Union is preparing a major shift in its global payment settlement strategy with an upcoming stablecoin launch. CEO Devin McGranahan announced that the company's U.S. dollar stablecoin, USDPT, is in its final stages and expected to launch next month on the Solana blockchain, in partnership with Anchorage Digital.
The primary goal is to create an alternative to the SWIFT interbank settlement network. McGranahan highlighted that current legacy systems only settle on business days, causing delays. The stablecoin will enable real-time settlements with partners, including weekends and holidays, thereby reducing tied-up capital and increasing efficiency for the 175-year-old money-transfer firm.
Western Union also plans to introduce a Stable Card later this year, allowing customers to hold stablecoin funds and spend them via card networks. This move aims to provide U.S. dollar-denominated value with everyday spending utility, particularly in inflation-sensitive markets.
Additionally, the company is developing the Digital Asset Network (DAN), which will enable crypto wallet users to convert digital assets into local currencies through Western Union's extensive retail network, tapping into a pipeline representing tens of millions of global crypto wallets.