Western Union to Launch USDPT Stablecoin on Solana by 2026
•Cryptocurrency
Western Union's USDPT Stablecoin Launch
Key Takeaways
- Western Union plans to introduce the USDPT stablecoin on the Solana blockchain by 2026 to improve global money transfer efficiency.
- Backed by the US dollar, USDPT will be issued by Anchorage Digital Bank, ensuring reduced costs and swift settlements.
The initiative, announced by Western Union, targets the first half of 2026 for the release of its U.S. Dollar Payment Token (USDPT) on Solana. This strategic move is designed to streamline international money transfers for the company's 100 million customers. The USDPT stablecoin promises advantages such as cost reduction and quicker transaction times. Anchorage Digital Bank will issue the stablecoin, which will be accessible through partner exchanges. CEO Devin McGranahan highlighted the company's focus on enhancing global payment systems through stablecoin capabilities in a July interview with Bloomberg's 'The Close', aiming for faster and more reliable cross-border transactions.