Western Union to Launch USDPT Stablecoin on Solana in May
Western Union plans to launch USDPT, a dollar-backed stablecoin on the Solana blockchain with Anchorage Digital, in May to streamline internal settlements and reduce reliance on SWIFT. The firm is also developing a Digital Asset Network for crypto-wallet cash-outs and a Stable Card for spending stablecoins via card networks.
1. USDPT Stablecoin Launch Planned for May
Western Union will introduce USDPT in May, a dollar-backed stablecoin issued on the Solana blockchain through a partnership with Anchorage Digital. The company intends to integrate the token into its infrastructure to enable near-instant, blockchain-based transaction settlements.
2. Streamlining Internal Settlements
USDPT is designed to replace portions of traditional interbank rails such as SWIFT, cutting multi-day processing times and freeing up capital tied up in transit. Early deployment will focus on back-end operations and partner transactions rather than retail use.
3. Development of Digital Asset Network and Stable Card
Beyond the token launch, Western Union is building a Digital Asset Network to let crypto wallets convert digital holdings into local currency via its cash-out services. The planned Stable Card will allow customers to hold USDPT and spend it through existing card networks, targeting high-inflation regions.