The token will also underpin a consumer-facing product called "Stable by Western Union," set to launch across more than 40 countries in 2026.
Crypto News
Western Union launched a US dollar-denominated stablecoin on the Solana (SOL) blockchain on May 4, positioning the token as a 24/7 settlement asset for its cross-border payment network spanning more than 200 countries.
The token is called USDPT. It is fully backed by US dollars and issued by Anchorage Digital Bank N.A., the first federally chartered crypto bank in the United States. Fireblocks was selected to provide wallet, settlement, and financial operations infrastructure.
Philippines and Bolivia Selected for Initial Rollout
Western Union plans to deploy USDPT initially in the Philippines and Bolivia. The token is designed to support treasury management and near-instant transaction settlements between Western Union and its global agent network. By listing USDPT on licensed virtual currency exchanges, the company said it aims to expand access to its global payout and liquidity infrastructure.
The token will also underpin a consumer-facing product called "Stable by Western Union," set to launch across more than 40 countries in 2026. That product will use USDPT for direct consumer transactions, extending the stablecoin's utility beyond institutional settlement.
The launch arrives as total US dollar-backed stablecoin supply has surpassed $300 billion, according to The Block's data dashboard. Tether's USDT accounts for $189.6 billion of that total, while Circle's USDC accounts for $77.6 billion.
Visa Stablecoin Pilot Hits $7B Annualized Run Rate
Western Union is not the only payments firm expanding stablecoin infrastructure. Visa said on April 29 that its stablecoin settlement pilot reached a $7 billion annualized run rate after adding five blockchains, bringing its total network support to nine. That pilot now covers more than 130 stablecoin-linked card programs across more than 50 countries.
The parallel moves from two of the world's largest payments companies point to growing corporate adoption of blockchain-based settlement infrastructure.
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