Western Union to Launch USDPT Stablecoin on Solana by 2026
Western Union plans to launch a US Dollar Payment Token (USDPT) stablecoin on the Solana blockchain by the first half of 2026. This stablecoin will be issued by Anchorage Digital Bank, a federally regulated institution. Users can access USDPT through partner exchanges.
- A Digital Asset Network is also being developed for global cash access, allowing crypto-to-fiat conversions at Western Union locations.
- The stablecoin sector saw a $4.30 trillion monthly transfer volume as of Oct. 28, up 35.68% from the previous month. Active addresses increased by 20.89% to 32.41 million.
- Tether Holdings dominates the market with a $179 billion market cap, holding 60.47% share, followed by Circle with $73 billion and a 24.68% share.
Western Union's CEO cites regulatory shifts, such as the GENIUS Act, as catalysts for their stablecoin strategy. The initiative aims to counteract a 6% revenue decline by integrating digital assets.
This announcement aligns with the launch of the first US spot Solana ETP on the NYSE, as Bitwise’s $BSOL began trading on Oct. 28.