Western Union to issue Solana-based dollar stablecoin 'USDPT'

Western Union, a 175-year-old global money transfer company, said it plans to issue its own dollar-pegged stablecoin 'USDPT (US Dollar Payment Token)' on the Solana blockchain.

According to The Block on the 28th (local time), USDPT is expected to be issued through Anchorage Digital Bank, which is federally regulated, and aims for a first-half 2026 launch. The token will be accessible through global exchanges and partner networks and is expected to be used for real-time remittances and payments between customers and merchants worldwide. Western Union said it will build a 'Digital Asset Network' that connects digital assets and traditional finance through this project. Through this, users will be able to easily convert between cash and digital assets, and companies plan to use USDPT for fund management and treasury functions.

Devin McGranahan, Western Union CEO, said, "We are actively adopting innovative technologies to support our customers and communities," and "USDPT will be a key means to directly own part of the stablecoin economy and to provide better global financial access." He added, "The Digital Asset Network and USDPT will solve the 'last mile' of the crypto journey," and "we will provide cash withdrawal (off-ramp) functionality using our global branch network and expand the usability of digital assets through wallet service partnerships."

With this announcement, Western Union will directly compete with existing stablecoin issuers such as MoneyGram, PayPal, and Stripe. MoneyGram operates a remittance application based on Circle's USDC and the Stellar network, and PayPal has recorded an issuance of about $2.7 billion through the stablecoin PYUSD issued by Paxos. Stripe is also preparing its own payment-oriented stablecoin network.