Global remittance giant Western Union is preparing to launch its dollar-pegged stablecoin, USDPT, next month on the Solana blockchain. In its initial rollout, the company will not offer the token to individual consumers; instead, it will be used among agency and partner networks to facilitate cross-border settlements. The aim is to provide faster and uninterrupted payments compared to the traditional SWIFT network.
USDPT emerges as an alternative to SWIFT
Western Union has long planned to develop its own stablecoin infrastructure. USDPT, which will be issued by Anchorage Digital Bank and detailed in the second half of 2025, is seen as a key part of the company’s goal to pivot its global payment systems toward digital assets. Devin McGranahan, Western Union’s CEO, emphasized at a recent earnings call that entering the digital asset ecosystem is no longer a question of timing, but one of achieving scale as quickly as possible.
McGranahan stressed that the company’s strategy centers on USDPT, saying that Western Union’s move into digital assets has shifted from being about when to act to how rapidly they can scale this technology.
USDPT will not be available to end-users at the outset. Instead, the token is positioned as a seamless and rapid settlement solution between intermediaries and agency partners, bypassing SWIFT. Leveraging the Solana network, the system can operate 24/7, even on weekends and public holidays when traditional banks are closed.
The stablecoin will be issued by Anchorage Digital Bank, licensed in the US. Through this partnership, Western Union aims to channel revenue that would typically go to third parties back into its ecosystem, benefiting from issuance, conversion fees, transaction charges, and reserve earnings. The company has also made an official trademark application for the “WUUSD” brand.
Two new products: Digital Asset Network and USD Stable Card
Western Union’s digital transformation stretches beyond USDPT, with two additional products designed to enhance integration into the ecosystem. The first, the Digital Asset Network (DAN), will connect crypto wallets to Western Union’s extensive retail locations via a single API. The initial DAN partner is expected to join by the end of April, with expansion to around seven partners targeted by year-end.
With DAN, wallet users will be able to easily convert their digital assets into local currencies and access funds across Western Union’s vast global retail reach. Given its presence in more than 200 countries with hundreds of thousands of agents, Western Union plans to leverage this model for a significant scale advantage over other crypto initiatives.
The second product, USD Stable Card, is designed as a payment card that allows consumers to hold and spend stablecoins worldwide. The company expects to launch the card in multiple markets by late 2026, viewing it as especially beneficial in inflation-prone economies. However, so far, the countries and card networks involved have not been disclosed.
Competition heats up as Solana gains traction
The total market capitalization of dollar-backed stablecoins has now surpassed $300 billion, and with the GENIUS Act effective as of 2025, US-based tokens now operate within a clearer regulatory framework. Western Union is joining a growing field of major finance and tech firms developing stablecoins on the Solana blockchain.
For example, PayPal’s PYUSD, issued via Paxos, has achieved adoption at the billion-dollar level, while Fiserv is now working on its own Solana-based stablecoin, FIUSD. In addition, MoneyGram has completed its USDC integration over the Stellar network, and Visa has advanced its stablecoin compatibility with Solana. Notably, in just one month at the start of the year, the Solana blockchain handled $650 billion in stablecoin transactions, which has positioned it as one of the fastest-growing payment platforms in the industry.
Testing USDPT in select markets during its pilot phase will show whether Western Union can reduce transaction costs and processing times enough to gain a competitive edge. Still, details about the company’s initial partners and the geographies targeted by the Stable Card remain undisclosed for now.
Ultimately, the impact of this new stablecoin strategy on Western Union’s future role in digital assets will come into focus as adoption and use cases unfold in the months ahead.
