Western Union Announces Stablecoin Launch on Solana With Anchorage Digital

The 175-year-old remittance giant, Western Union, has announced plans to launch a stablecoin for its 100 million-user payment network. To achieve low-cost, fast settlements, the Western Union USDPT stablecoin will be issued by Anchorage Digital on the Solana blockchain.

Western Union Unveils Plans To Enter the Stablecoin Market

Western Union, a payment company that built its first transcontinental telegraph line in 1861, has announced plans to launch its own stablecoin. This comes months after the Western Union CEO, Devin McGranahan, shared the company’s interest in making stablecoins the backbone of its digital asset push.

The remittance giant becomes the latest in the long line of financial institutions entering the $300 billion stablecoin market to open a new channel for their global clients to move money with lower fees and faster settlement.

According to the statement, the stablecoin, called US Dollar Payment Token (USDPT), will be issued by Anchorage Digital Bank on the Solana network to achieve low-cost, fast settlements. According to Western Union, the dollar-backed USDPT stablecoin will be launched in the first half of 2026.

Western Union Looks To Cut Costs in Global Remittances 

By operating on the Solana blockchain, USDPT will enjoy high throughput and low fees, which are critical in remittances where cents matter. In addition, operating on a public chain like Solana will shorten the gap between a client’s send instruction and a recipient’s usable funds, while improving transparency for compliance and reconciliation.

According to the payment giant, its clients will access the USDPT token through partner exchanges, then send value internationally without getting exposure to their local currency swings and banking bottlenecks.

Western Union also noted that its stablecoin is part of a broader plan called the “Digital Asset Network.” The payment giant aims to build a network that facilitates the easy sending, receiving, and converting of stablecoins globally, both on-chain and through Western Union’s 500,000+ agent locations.

Commenting on the launch, Devin McGranahan said that moving into digital assets and stablecoins is just the next chapter for Western Union in that long journey that will involve “connecting people through technology.”

McGranahan adds that as Western Union evolves into the digital assets space, its USDPT stablecoin will allow the remittance giant to own the economics linked to stablecoins. The company called the Digital Asset Network the “last mile of the crypto journey” in providing seamless access to cash conversion services to customers.

The Next Step for the Stablecoin Market?

Over the last few years, stablecoins have grown in popularity because they offer a cheaper, faster alternative to traditional rails for cross-border payments. The launch of the GENIUS ACT in the United States gave the stablecoin market its biggest boost, providing much-needed regulatory clarity for the sector and issuers.

Western Union has now become the biggest traditional finance firm to incorporate stablecoins into its operations, competing with the likes of PayPal and Mastercard. With the more extensive network of Western Union, if its USDPT and Digital Asset Network gain mainstream adoption, it could be the next step for the global adoption of stablecoins.