Western Union Chooses Solana to Power Its New Stablecoin and Crypto Payment System
Money transfer giant joins blockchain race with plans to launch USD-backed token and digital settlement system by 2026
Western Union has officially announced that it will build its upcoming stablecoin settlement system on the Solana blockchain, marking one of the most significant shifts toward digital assets by a major financial services company.
The company revealed during its third-quarter earnings call that its new ecosystem will include a US Dollar Payment Token (USDPT) and a Digital Asset Network, developed in partnership with Anchorage Digital Bank. The USDPT is expected to debut in the first half of 2026, with customers able to access it through partner exchanges—similar to how PayPal’s USD stablecoin operates.
Western Union said the Digital Asset Network will also function as a major cash off-ramp for its 150 million users across more than 200 countries, making it easier to convert between stablecoins and fiat currencies.
CEO Devin McGranahan announced at the Money 20/20 conference in Las Vegas that after testing multiple blockchains, the company selected Solana for its speed, scalability, and institutional-grade capabilities. “Solana was the right choice,” he said, signaling Western Union’s confidence in the network’s performance for global settlements.
The move places Western Union alongside other financial heavyweights embracing blockchain. Zelle recently announced its own stablecoin initiative for faster cross-border payments, while MoneyGram launched a USDC wallet in Colombia earlier this year.
Western Union’s renewed crypto interest follows the passage of the GENIUS Act in July, which established clearer rules for stablecoins in the United States. The company previously avoided digital assets due to volatility and regulatory uncertainty. With the global stablecoin market valued at $311.5 billion and projected to hit $2 trillion by 2028, Western Union’s Solana-powered pivot could redefine the future of remittances.
