LAS VEGAS / LONDON (IT BOLTWISE) – Western Union plans to implement its new stablecoin settlement system on the Solana blockchain. This was announced during the company’s most recent quarterly earnings call. The system will consist of the US Dollar Payment Token (USDPT) and the Digital Asset Network, which is being developed in collaboration with Anchorage Digital Bank.
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Western Union, a leading financial services company, has announced that its future stablecoin settlement system will be based on the Solana blockchain. This decision was announced during the company’s third quarterly earnings call. The system will consist of the US Dollar Payment Token (USDPT) and the Digital Asset Network, which is being developed in collaboration with Anchorage Digital Bank. Western Union plans to launch USDPT in the first half of 2026 to expand customer access through dating exchanges, similar to how PayPal USD is listed on platforms such as Binance.
The Digital Asset Network is intended to serve as a cash withdrawal platform for Western Union’s over 150 million customers spread across more than 200 countries and regions. Western Union CEO Devin McGranahan explained at the Money 20/20 USA conference in Las Vegas that his team compared many alternatives and concluded that Solana was the “right choice” for building an institutionally viable stablecoin platform.
Traditional payment platforms are increasingly exploring blockchain technology for cross-border transfers, as proponents claim the technology is faster, cheaper and more transparent than traditional payment systems. Zelle and MoneyGram have also entered the stablecoin market. Zelle plans to launch stablecoins for faster cross-border payments, while MoneyGram announced in September that it would integrate its crypto app in Colombia to offer a USDC wallet for locals.
The increasing adoption of stablecoins coincides with increased regulatory clarity in the US after President Donald Trump signed the stablecoin-focused GENIUS Act in July. According to the US Treasury Department, the stablecoin market was worth $311.5 billion in April and is expected to reach $2 trillion by 2028. Western Union’s move into the stablecoin space comes just over three months after the company first hinted at plans to integrate stablecoins.
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