Western Union Launches Solana-Based USD Stablecoin, Intensifying Competition for Remitly Global
Western Union will issue a U.S. dollar-denominated stablecoin (USDPT) on Solana, integrating it into its Digital Asset Network and 360,000 payout locations for near-instant cross-border transfers. Remitly Global has a Zacks Rank #1 with earnings estimated at $0.51 per share and revenue of $2 billion, implying 19.5% growth.
1. Western Union Crossmint Partnership
The Western Union Company is partnering with Crossmint to launch USDPT, a U.S. dollar-denominated stablecoin issued on the Solana blockchain, integrating it into its Digital Asset Network and connecting to over 360,000 global payout locations for near-instant cross-border transfers.
2. Implications for Remitly Global
Remitly Global holds a Zacks Rank #1 (Strong Buy) with current-year earnings estimated at $0.51 per share and revenues projected at $2.0 billion, implying 19.5% growth, and now faces potential margin pressure and market-share challenges from Western Union’s blockchain-based remittance rails.