Western Union has launched its US dollar-denominated stablecoin USDPT on Solana, marking its first step towards blockchain-based payments and onchain settlement for its global remittance network.
One of the crypto infrastructure platforms included in the launch, Fireblocks, he said on Monday that USDPT is initially being introduced in Bolivia and the Philippines, while Western Union he said plans to expand the stablecoin to more than 40 countries in 2026.
Major remittance companies have set their sights on stablecoins following the passage of the stablecoin-friendly GENIUS Act in July. MoneyGram began offering USDC (USDC) stablecoin services in Colombia in September, while Zelle announced plans to offer stablecoin-powered cross-border transfers in October.
Western Union said “the launch of USDPT reflects a broader shift in how global payments are evolving,” adding that more financial institutions will adopt “regulated digital assets as core infrastructure in the future.”
Current stablecoin market cap sits to $317.3 billion, a figure that the U.S. Treasury Department and Wall Street investment bank Citigroup predict will rise above $2 trillion by 2030.
Source: Western Union
Western Union will make USDPT available on crypto exchanges
USDPT is issued by crypto infrastructure company Anchorage Digital, the first federally regulated crypto bank in the US, while Fireblocks provides the wallet and settlement infrastructure for the stablecoin.
Western Union said it plans to make USDPT available on licensed crypto exchanges and connect them to its broader payments and liquidity infrastructure.
Related: Australia’s Vision Payments Blueprint Considers Stablecoin Interoperability
The launch of USDPT in Bolivia and the Philippines makes the stablecoin accessible to a total of 130 million people.
On Sunday, Bybit’s former chief marketing officer, Claudia Wang, said there was an opportunity for money transfer companies like Western Union to tap into America’s many untouched remittance corridors, which have become a $174 billion market.
She said remittance corridors between the US and Central America are exploding, while many routes from Latin America — such as Argentina to Bolivia — are “virtually untouched by crypto rails.”
Western Union facilitates transfers for more than 150 million customers in more than 190 countries.
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