Western Union, the 175-year-old remittances icon, has just revealed plans to launch its own U.S. dollar-backed stablecoin called USDPT (U.S. Dollar Payment Token), bypassing the Ethereum network for Solana.
The move has been tagged the company’s most significant foray into digital assets yet, and it comes after CEO Devin McGranahan revealed that Western Union was interested in stablecoins on Bloomberg’s “The Close” way back in July.
Western Union announces USDPT
In addition to announcing its plan to launch the USDPT stablecoin, Western Union will also create an innovative “digital asset network” to bridge the digital and fiat worlds and enable real-world utility for digital assets.
The stablecoin, which is to be issued by Anchorage Digital Bank, is being touted as a way for customers, agents, and partners to move money globally as well as to support the company’s treasury capabilities.
The plan integrates Western Union’s global digital footprint with Solana’s high-performance blockchain technology, and Anchorage Digital’s federally regulated stablecoin issuance platform and digital asset custody solutions.
“We are committed to leveraging emerging technologies to empower our customers and communities,” said Devin McGranahan, President and CEO of Western Union. “As we evolve into the digital assets space, Western Union’s USDPT will allow us to own the economics linked to stablecoins.”
He also spoke about their digital asset network, calling it a solution for the “last mile of the crypto journey,” which will involve partnerships with wallets and wallet providers. This will give customers access to cash off-ramps for digital assets by leveraging the company’s global network.
“Our Digital Asset Network and USDPT will be an enabler in achieving our mission to make financial services accessible to people everywhere,” McGranahan said.
Western Union is entering an already competitive landscape
Western Union’s announcement has once again turned the spotlight on stablecoins as they are increasingly integrated into global payment channels. Stablecoins are already popular among businesses and individuals for remittances and cross-border transactions as they can move across borders rapidly while incurring lesser fees.
The fiat-pegged token concept has grown steadily in the U.S. since the stablecoin-focused GENIUS Act was passed, providing regulatory clarity for the sector and issuers. As such, it is no surprise that Western Union is not the first player to incorporate stablecoins into its business.
Rival firm MoneyGram already has an upgraded application that is underpinned by Circle’s USDC stablecoin, the Stellar (XML) blockchain, and wallet firm Crossmint. There is also PayPal’s stablecoin, issued by Paxos, which has grown to $2.7 billion since it was launched in 2023. Stripe is further behind as it is still putting together its own stablecoin infrastructure with a payments-focused chain.
Even more stablecoins issued by traditional finance giants could also be in the pipeline, especially if companies like Western Union succeed.
Total stablecoin supply on Solana now exceeds $14 billion as of late October 2025, driven by integrations in DEXs like Jupiter and Orca, and boosted by regulatory clarity from the GENIUS Act. However, the ecosystem is expecting even more growth in the future, per stakeholder and analyst predictions.
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