Global money transfer giant Western Union is set to roll out its new dollar-backed stablecoin, USDPT, on the Solana blockchain next month. Unlike previous consumer-focused ventures, the company will initially deploy USDPT as a settlement alternative for international transfers within its network of agents and partners. The aim is to provide faster and uninterrupted transactions compared to the traditional SWIFT infrastructure.
USDPT emerges as a SWIFT rival
Western Union has long contemplated launching its own stablecoin system. Now, with details released recently, USDPT—issued by the US-licensed Anchorage Digital Bank—is set to become a core part of Western Union’s global payments transformation strategy. Company CEO Devin McGranahan highlighted in a recent earnings call that the firm’s digital asset integration is no longer a question of timing but about scaling the technology effectively.
Devin McGranahan explained that USDPT forms the centerpiece of their strategy, adding that Western Union’s participation in digital assets is no longer about “if or when,” but how quickly the company can scale this technology.
Initially, USDPT will not be available to retail consumers. The token is being positioned as a rapid and continuous solution for inter-institutional transfers, directly challenging SWIFT’s dominance. Thanks to Solana’s infrastructure, Western Union plans to enable 24/7 transfers, even on weekends and public holidays, when traditional banks are closed.
Anchorage Digital Bank will act as the issuer of the stablecoin. Through this collaboration, Western Union seeks to internalize stablecoin revenue streams—benefiting from issuance, conversion spreads, transaction fees, and reserve income, instead of sharing profits with third parties. The firm has also filed for an official trademark for the “WUUSD” brand.
Digital Asset Network and stablecoin card debut
Western Union’s transformation extends beyond USDPT, with two new digital products in the pipeline. The first, Digital Asset Network (DAN), connects cryptocurrency wallets to Western Union’s expansive agent locations worldwide through a unified API. The inaugural DAN partner is set to join by the end of April, with network expansion to around seven partners anticipated by year’s end.
With DAN, digital wallet users will be able to convert crypto assets into local currency and tap Western Union’s global retail presence. Leveraging operations across more than 200 countries with hundreds of thousands of agent locations, the company sees significant scale advantages compared to rival blockchain payment solutions.
The second upcoming product, the USD Stable Card, is a payment card designed for consumers to hold and spend stablecoins worldwide. The launch is targeted for late 2026 and will cover multiple markets. Western Union envisions the card as a practical tool, especially in inflation-prone environments. However, details on participating countries and card network partners have not yet been disclosed.
Competition heats up as Solana leads payment growth
As stablecoins pegged to the US dollar now exceed $300 billion in total market capitalization, the 2025 implementation of the GENIUS Act has brought greater regulatory clarity for US-based tokens. Western Union is joining major financial and tech players in developing stablecoin solutions atop the Solana blockchain.
For instance, PayPal’s PYUSD stablecoin—launched via Paxos—has reached billion-dollar volumes, while Fiserv is developing its own Solana-based stablecoin, FIUSD. MoneyGram has integrated USDC on the Stellar network, and Visa has advanced stablecoin compatibility with Solana. Notably, Solana processed $650 billion in stablecoin transactions in just one month this year, underscoring its rapid growth as a payment platform.
The pilot phase of USDPT will be tested in select countries to assess whether it can truly reduce transaction costs and times, providing Western Union with a competitive edge. Specific details about initial partners and the regions for Stable Card’s debut remain confidential at this stage.
Ultimately, whether this bold stablecoin strategy will significantly increase Western Union’s footprint in digital assets will become clearer as adoption rates and real-world usage unfold in the coming periods.
