Western Union announced plans to launch USDPT, a USD-backed stablecoin on Solana in H1 2026, issued by Anchorage Digital Bank to enable faster, cheaper global remittances via its Digital Asset Network.
Key Insights
- Western Union is planning to launch a dollar-backed stablecoin called USDPT on the Solana blockchain.
- Anchorage Digital will issue the token, which is designed for fast and cheap global transfers.
- The move aligns Western Union with other traditional finance firms adopting blockchain technology.
Western Union taps Solana and joins the list of traditional finance firms adopting blockchain technology.
The company has announced plans to launch its own U.S. dollar-backed stablecoin, called the US Dollar Payment Token (USDPT). The stablecoin will run on the Solana blockchain and is scheduled for release in the first half of 2026.
Why Did Western Union Tap Solana over Ripple?
Western Union side-stepped Stellar and Ripple for this decision. This is interesting because both of these networks were created to handle international remittances.
Basing its stablecoin on Solana shows that Western Union has a focus on speed and cost efficiency.
.@WesternUnion USDPT and the Digital Asset Network, built on Solana.
Changing how the world’s money moves.https://t.co/FVobqBOUPA pic.twitter.com/RlHvOC3E6Z
— Solana (@solana) October 28, 2025
This choice is also interesting because it comes after the company spent years testing other blockchain solutions, including pilot programs using XRP back in 2015.
CEO Devin McGranahan explained that Western Union evaluated several major blockchains before deciding on Solana. He said the decision came down to finding a network that could offer fast and could handle secure transactions on a global scale.
Western Union already processes around $100 billion in cross-border payments each year, so stability was likely a top priority.
Anchorage Digital’s Role in the Western Union Partnership
Anchorage Digital is a major part of this move. The digital asset bank is one of the few federally regulated entities in the US that is capable of handling large crypto-based financial services.
Its involvement makes sure that Western Union’s stablecoin works under clear standards and meets requirements.
The decision to launch USDPT follows Western Union’s growing focus on digital products.
According to its recent quarterly report, the company noted that digital wallets and account-based payouts now account for more than half of all its online transactions. This growth indicates that customers are moving from cash pickups to digital transfers.
Western Union also announced plans to develop a Digital Asset Network, which will be designed to enable real-world utility for digital assets. The network will allow users to cash out crypto and other assets through Western Union’s existing network.
Stablecoins Becoming Central to Global Payments
Stablecoins have become a major part of digital finance because they offer a cheaper alternative to traditional payment systems. The total market cap of stablecoins has grown to about $312 billion, a rise of almost 50% this year, according to CoinGecko data.
Western Union’s entry into the stablecoin sector shows that traditional money transfer companies are adapting to this. Competitors like MoneyGram and PayPal have already integrated stablecoins into their platforms.
MoneyGram uses Circle’s USDC on the Stellar network, while PayPal’s PYUSD stablecoin (issued by Paxos) has grown to $2.7 billion in circulation since 2023.
Why Western Union’s Move Matters
Western Union’s USDPT launch could affect how remittances are handled. The company already has one of the largest money transfer networks in the world. This means that adding a blockchain layer could cut costs and improve transaction times.
The partnership with Solana also sets up Western Union to compete directly with fintech firms that rely on crypto-based payment solutions.
McGranahan called stablecoins an “opportunity, not a threat” for Western Union. He believes that combining the company’s reach with blockchain technology can unlock new ways to serve customers.
This is especially true in regions with limited access to banking services.
The Future of Cross-Border Payments
Western Union adopting Solana is a sign that cross-border payments are entering a new phase. Over the next few years, users may be able to send and receive digital dollars through the same Western Union app they already use for fiat transfers.
Analysts expect this development to encourage more trad-fi and blockchain platforms to collaborate. It could also open the path for more services like crypto-to-cash conversions and instant multi-currency settlements.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
