Bybit has rolled out a new service designed to accelerate transfers between cryptocurrencies and fiat money by integrating the stablecoin USDPT with Western Union’s global payment network. Launched initially in select Latin American markets, the system aims to deliver faster settlements for users converting digital assets to local currencies and vice versa.
USDPT integration and a new gateway
Support for USDPT, a US dollar-pegged stablecoin, is now available on the Bybit platform. Issued by Anchorage Digital Bank and built on the Solana blockchain, USDPT gives users the option to purchase or redeem the token through Bybit’s fiat channels. Users can easily swap between USDPT and supported local currencies, streamlining the movement between crypto and fiat.
Glossary: Anchorage Digital Bank is a federally licensed US institution focused on digital assets. A stablecoin is a type of crypto asset designed to maintain a fixed value, typically pegged to the US dollar or similar asset.
According to company data, USDPT can be redeemed 1:1 for US dollars and is fully backed by reserves. This structure is intended to provide a more compliant and regulation-friendly framework for digital asset transactions within the existing financial system.
Faster settlements with Western Union’s network
The new integration has reduced settlement times for USDPT transactions from several days to mere minutes. This development enables users to access funds more quickly while minimizing delays in cross-border transfers. Western Union, a long-established player in international money transfers, serves as a bridge between digital currencies and traditional finance.
Malcolm Clarke emphasized that making USDPT available on a prominent global exchange like Bybit is a significant step, connecting digital assets with real-world payment systems.
The integration also allows for 24/7 transactions, independent of traditional banking hours. By streamlining multi-layered transfer processes, the approach aims to reduce waiting times and minimize the temporary locking of capital during transfers.
Initial rollout targets Latin America
This service is currently accessible in selected countries across Latin America via Bybit’s existing fiat rails. The strategic focus addresses the region’s high demand for cross-border remittances, empowering users to both deposit and withdraw funds in local currencies using USDPT.
Bybit executive Victoria Kilikyan noted that the product marks a significant step for crypto adoption and is designed to tackle real-world payment challenges faced by users.
Patricio Mesri underscored that the partnership lays critical infrastructure for Latin America’s digital economy, while leveraging existing trust in Western Union’s established services. Although the rollout is currently limited, future expansion will depend on user adoption and regulatory compliance in broader markets.
