Western Union is moving from stablecoin plans to a live rollout, launching USDPT, a U.S. dollar-backed token built on Solana, as part of a broader push into digital assets and blockchain-based settlement.
The company said the token will first be used to streamline transfers between Western Union and its agent network, with an initial rollout in the Philippines and Bolivia before expanding more widely through 2026. Western Union’s goal is to cut dependence on traditional correspondent banking rails and make cross-border settlement faster and more efficient.
USDPT’s launch follows the company’s October 2025 announcement that it was exploring a stablecoin strategy. In April, CEO Devin McGranahan said the project was nearing completion, and Monday’s release confirmed the stack behind it: Anchorage Digital Bank as issuer, Solana as the blockchain, and Fireblocks handling wallet, settlement, and financial operations infrastructure.
The company also highlighted a wider digital asset strategy. Western Union is building a Digital Asset Network that will let crypto wallet users convert digital holdings into USDPT and local currencies through its payout network. It is also planning a USD Stable Card product later in 2026, designed to let users hold USDPT and spend through traditional card rails.
Western Union says the effort is aimed at markets where access to U.S. dollars is limited, local currencies are unstable, or banking access remains uneven. For the company, which already operates in more than 200 countries and territories, the move positions stablecoins as a practical tool for global payments rather than just a crypto experiment.
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