Western Union Chooses Solana for New Stablecoin and Crypto Network

During its third-quarter earnings call, Western Union revealed that its stablecoin system will feature the US Dollar Payment Token (USDPT) and a Digital Asset Network, created in partnership with Anchorage Digital Bank. The USDPT is expected to launch in the first half of 2026, providing customer access through partner exchanges, similar to the listing of PayPal USD (PYUSD) on Binance and others.

The Digital Asset Network will act as a cash off-ramp for the company’s extensive remittance platform, which serves over 150 million customers in more than 200 countries.

At the Money 20/20 USA conference in Las Vegas, CEO Devin McGranahan stated that after comparing various alternatives, they determined Solana was the ideal choice for an institutional-ready stablecoin platform.

As traditional payment systems increasingly explore blockchain for cross-border transactions, advocates highlight its advantages over conventional payment methods, including speed, cost-effectiveness, and transparency.

In related developments, Zelle's parent company announced plans to launch stablecoins for quicker cross-border payments, while MoneyGram revealed it would integrate a USDC wallet in Colombia.

The growing acceptance of stablecoins aligns with heightened regulatory clarity in the US, particularly following the enactment of the GENIUS Act by President Donald Trump in July. McGranahan noted that Western Union had previously hesitated to enter the crypto space due to market volatility and regulatory concerns, but the GENIUS Act has shifted that perspective.

The US Treasury Department estimated the stablecoin market at $311.5 billion in April, projecting it could reach $2 trillion by 2028. Western Union’s recent announcement follows earlier hints about its stablecoin integration plans made in July.