Financial services giant Western Union plans to launch its U.S. dollar-backed stablecoin, USDPT, in May. CEO Devin McGranahan stated the company has crossed a threshold, confirming its activity in digital assets and shifting focus to scaling its crypto offerings. The stablecoin is part of a broader strategy that includes a digital asset network and a US dollar stable card.
Western Union is targeting May for the rollout of its new stablecoin as part of a crypto plan that includes its digital asset network and US dollar stable card. The company’s president and CEO, Devin McGranahan, made the announcement during the first-quarter earnings call.
McGranahan said the company will focus on expanding adoption and embedding digital assets into its core money movement platform. He stated that over the last few months, the company has crossed an important strategic threshold.
“It is no longer a question of if Western Union will be active in digital assets, it is now how fast can we scale,” McGranahan stated. The executive confirmed the stablecoin’s final stage of development and its imminent launch.
“At the foundation of our strategy is USDPT, our US dollar-backed stablecoin. USDPT is now in its final stages of readiness and is expected to go live next month,” he added. The announcement marks a definitive step for the traditional financial services firm into the digital asset space.
