Western Union, Noah to Build Stablecoin Remittance Network Across 200-Plus Countries and Territories

Western Union, the global money-transfer company, is working with on-chain payments infrastructure provider Noah to build a stablecoin-based remittance network.

Noah said on October 21 that it will establish a stablecoin-based international remittance network with Western Union. The companies plan to use stablecoins to facilitate transfers between fiat currencies. The network will support services in more than 200 countries and territories.

The network will use USDPT, a dollar-based stablecoin. USDPT is issued by Anchorage Digital Bank on the Solana network.

Western Union will support a service that delivers funds sent through its network of more than 500,000 agent locations to recipients' digital wallets in USDPT. Noah will provide the on-chain infrastructure needed for prefunding, foreign exchange and payouts.

Noah said the partnership could help cut the time and cost of international transfers for Western Union's more than 150 million customers.

Malcolm Clarke, Western Union's global head of digital assets, said customers want greater flexibility in how they receive, hold and use funds. The partnership will connect the company's existing global remittance network with the digital-asset ecosystem.