Western Union is preparing to enter the stablecoin market with the launch of its US Dollar Payment Token (USDPT), scheduled for the first half of 2026, according to the Wall Street Journal.
The stablecoin will be issued on the Solana blockchain, with Anchorage Digital Bank serving as the issuer. Both Western Union customers and general users will be able to access USDPT through partner exchanges.
Currently, Western Union has not officially partnered with any major crypto platforms. However, crypto exchanges are collaborating with fintech firms and payment aggregators integrated with the company’s infrastructure, including Simplex, Mercuryo, MoonPay, and Paybis.
“Our mission of connecting people through technology has been at the core of Western Union for 175 years. Expanding into digital assets and stablecoins is the next chapter in leveraging technology to bring people together,” said CEO Devin McGranahan.
Notably, Anchorage Digital also acts as the issuer for Tether under the GENIUS Act, making it the only U.S. crypto firm with a licensed trust bank, while other companies are still seeking approval.
WSJ notes that Western Union’s entry into stablecoins could boost growth in the sector, given the company handles hundreds of billions of dollars in transactions annually, potentially increasing liquidity in the market.
Previously, McGranahan mentioned in a conference call that the company is testing stablecoin-based solutions to reduce reliance on traditional banking systems. In addition, Western Union plans to launch a network of crypto wallet providers to allow users, including non-customers, to convert digital assets into local currencies.
