Financial services giant Western Union has launched its own U.S. dollar-pegged stablecoin, USDPT, on the Solana blockchain. This marks the company’s first move into blockchain-based payments, initially rolling out in Bolivia and the Philippines. The stablecoin is issued by federally regulated crypto bank Anchorage Digital, with infrastructure from Fireblocks, and is part of a broader trend of major remittance firms adopting digital assets.
Western Union has launched its U.S. dollar-denominated USDPT stablecoin on Solana. This initiative marks its first foray into blockchain-based payments and onchain settlement for its global remittance network.
Crypto infrastructure firm Fireblocks stated the stablecoin is initially being rolled out in Bolivia and the Philippines. Western Union plans to expand it to more than 40 countries in 2026.
Major remittance companies have been eyeing stablecoins after the passage of the stablecoin-friendly GENIUS Act in July. MoneyGram started offering USDC services in Colombia in September, while Zelle announced plans for stablecoin-powered cross-border transfers in October.
Western Union said the “launch of USDPT reflects a broader shift in how global payments are evolving.” The company added that more financial institutions will adopt “regulated digital assets as core infrastructure going forward.”
The stablecoin market cap currently sits at $317.3 billion. The U.S. Department of the Treasury and Wall Street investment bank Citigroup have tipped this figure to grow above $2 trillion by 2030.
USDPT is being issued by crypto infrastructure firm Anchorage Digital, the first federally regulated crypto bank in the U.S. Fireblocks is providing the wallet and settlement infrastructure.
Western Union said it plans to make USDPT available on licensed crypto exchanges. These would then be connected to its broader payments and liquidity infrastructure.
The launch in Bolivia and the Philippines makes the stablecoin available to a combined 130 million people. A former marketing executive noted many remittance corridors in the Americas, a $174 billion market, remain untouched by crypto rails.
Western Union facilitates transfers for more than 150 million customers across over 190 countries. The move signals a significant adoption of blockchain technology by a traditional financial heavyweight.
