Western Union Enters Stablecoin Race With USDPT Launch On Solana

A combined 130 million people in Bolivia and the Philippines now have access to Western Union’s new digital dollar, USDPT — a US dollar-backed stablecoin running on the Solana blockchain.

A Big Name Makes Its Blockchain Debut

Western Union, which moves money for more than 150 million customers across more than 190 countries, has made its first move into blockchain-based payments.

The company launched USDPT on Monday, marking a significant shift for one of the world’s oldest and largest money transfer networks. Plans are already in place to roll the stablecoin out to more than 40 countries before the end of 2026.

The infrastructure behind USDPT involves two major players in the crypto space. Anchorage Digital, the first federally regulated crypto bank in the US, is issuing the stablecoin.

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Fireblocks, a crypto infrastructure firm, is handling wallet and settlement operations. Western Union said it also plans to make USDPT available on licensed crypto exchanges and connect them to its broader payments and liquidity network.

Remittance Giants Eye Blockchain Rails

Western Union is not alone in this push. MoneyGram started offering USDC stablecoin services in Colombia in September. Zelle announced plans for stablecoin-powered cross-border transfers in October.

The wave of activity among remittance companies follows the passage of the GENIUS Act in July, a piece of US legislation widely seen as favorable to stablecoin development.

Western Union said the launch reflects a broader shift in how global payments are moving, and that more financial institutions are expected to adopt regulated digital assets as core infrastructure going forward.

The Philippines was a natural choice for an early rollout. Remittances make up a significant part of the country’s economy, and reports note that corridors between the US and Central America are expanding fast.

According to Bybit’s former chief marketing officer, Claudia Wang, many routes within Latin America — such as from Argentina to Bolivia — have been largely untouched by crypto-based payment systems, making them ripe for new entrants. She described the Americas as a $174 billion remittance market.

Room To Grow In A Fast-Expanding Market

The stablecoin market is already large and widely expected to get much larger. Data shows the total market cap currently stands at $317 billion.

Both the US Department of the Treasury and Citigroup have projected that figure could climb past $2 trillion by 2030.

Featured image from Unsplash, chart from TradingView