Western Union is entering the stablecoin space with plans to launch the U.S. Dollar Payment Token (USDPT), expanding its 100 million-user payments network using blockchain rails.
The stablecoin will be issued by Anchorage Digital, a federally regulated crypto bank, and operate on the Solana blockchain, known for low-cost and high-speed settlements. Launch is scheduled for the first half of next year, according to Tuesday’s press release.
CEO Devin McGranahan said the collaboration with Anchorage Digital and Solana allows Western Union to bring the “benefits of digital dollars” to customers worldwide, improving the speed and reach of cross-border transactions.
The move follows growing global adoption of stablecoins, now a $300 billion asset class. They are increasingly used for remittances, payments, and trade, driven by faster settlements and reduced costs.
Recent U.S. legislation, the GENIUS Act, has further legitimized the sector, paving the way for traditional finance firms like Western Union to expand into blockchain-based payment networks.
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