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Payments giant Western Union (NYSE:WU) is making a major leap into crypto, announcing plans to launch a U.S. dollar–backed stablecoin, USDPT, on the Solana (CRYPTO: SOL) blockchain in the first half of 2026.
What Happened: The stablecoin will be issued by Anchorage Digital Bank and aims to provide faster, cheaper cross-border transfers for Western Union's 100 million global customers while minimizing currency volatility, the Wall Street Journal reported.
This marks Western Union's most significant shift toward digital assets yet, aligning with the GENIUS Act, which established a regulatory framework for stablecoins.
The firm also plans to develop a digital asset network connecting crypto wallets with its more than 400,000 global outlets, allowing easy conversion between digital and local currencies.
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Why It Matters: Western Union joins PayPal (NASDAQ:PYPL) and MoneyGram in embracing blockchain-based payments.
By using Solana's high-speed network and Anchorage's federally chartered banking infrastructure, the company aims to modernize its remittance operations and reduce reliance on traditional banking rails.
Executives revealed during the Q3 earnings call that Western Union has been testing stablecoins in treasury operations to accelerate settlement and improve efficiency.
In parallel, Japan recently saw the launch of its first Yen-pegged stablecoin, signaling a broader global move toward regulated digital currencies even in traditionally cash-dominant markets.
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