Western Union to launch Solana-based dollar stablecoin

Western Union is set to introduce a US dollar-backed stablecoin on the Solana blockchain next year, representing a significant move into digital assets. This new token, named the US Dollar Payment Token (USDPT), will be issued by Anchorage Digital Bank and is designed to enable Western Union’s 100 million customers to send money internationally without facing local currency fluctuations. This initiative follows the enactment of the Genius Act, which established the first federal framework for stablecoins. The stablecoin will be made available via partner exchanges and will be integrated into a digital asset network that links crypto wallets with Western Union's 400,000 retail locations globally. CEO Devin McGranahan highlighted this launch as a natural extension of the company's long history of technological adaptation to facilitate connectivity. By utilizing stablecoins, Western Union seeks to enhance transaction efficiency by lowering costs and cut settlement times while minimizing reliance on traditional banking channels.

Source 🔗