Western Union Unveils Plans for Solana-Based Stablecoin

Western Union has announced plans to roll out its Solana-based stablecoin, USDPT, next month. The token will be used as a settlement alternative to SWIFT for international transfers in select markets.

The company aims to deliver faster and lower-cost transfers to 100 million users through the new stablecoin. Western Union's CEO Devin McGranahan stated that the strategy reflects the company's focus on innovation, which is expected to strengthen its position by linking digital assets with traditional finance.

The USDPT stablecoin will be part of a larger Digital Asset Network (DAN), which will enable users to convert digital assets into cash through Western Union's global footprint. The network will also include a USD Stable Card targeting inflation-sensitive markets where customers seek dollar-denominated spending power.

Western Union has partnered with Crossmint to support the rollout of its USDPT stablecoin, integrating Crossmint's wallet and payment APIs with Western Union's Digital Asset Network. This collaboration will enable fintech platforms to access USDPT, settle transactions on the Solana blockchain, and convert digital assets into local currency through Western Union's global payout infrastructure.