Financial services firm Western Union has announced that its upcoming stablecoin settlement system will be based on the Solana blockchain.
This was revealed during the company’s recent third-quarter earnings call, where they detailed that the stablecoin system will feature the US Dollar Payment Token (USDPT) and the Digital Asset Network, developed in collaboration with Anchorage Digital Bank, as Western Union stated on Tuesday.
The company anticipates that USDPT will be available in the first half of 2026, allowing customer access through partner exchanges to enhance accessibility, akin to the listing of the PayPal USD (PYUSD) stablecoin on Binance and other platforms.
It further noted that the Digital Asset Network will act as a cash off-ramp for the remittance service’s over 150 million customers across more than 200 countries and territories.
At the Money 20/20 USA conference in Las Vegas on Tuesday, Western Union CEO Devin McGranahan mentioned that his team evaluated various options and determined that Solana was the “right choice” for creating an institutional-grade stablecoin platform.
“For 175 years, we’ve been connecting people, moving $150 billion a year. Digital assets is the next evolution.
We looked at alternatives, and came to the conclusion that Solana was the right choice.”
– Devin McGranahan, CEO, Western Union pic.twitter.com/8ni2b47ktk
— Solana (@solana) October 28, 2025
Conventional payment platforms are increasingly looking to blockchain technology for cross-border remittances, with advocates claiming it offers faster, cheaper, and more transparent options compared to traditional payment methods.
Zelle, MoneyGram advance stablecoin initiatives
Recently, the parent company of payments service Zelle announced plans to launch stablecoins to facilitate quicker cross-border transactions, while MoneyGram revealed back in mid-September that it would integrate its crypto application in Colombia to provide a USDC (USDC) wallet for local users.
GENIUS Act enhances stablecoin strategies
The growth of stablecoin usage aligns with clearer regulations in the US following the enactment of the stablecoin-focused GENIUS Act by President Donald Trump in July.
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Last week, McGranahan observed that Western Union had previously hesitated to engage with cryptocurrencies due to worries about market volatility, regulatory ambiguity, and consumer protection, but the passing of the GENIUS Act shifted that perspective.
The US Treasury Department estimated in April that the stablecoin market was valued at $311.5 billion and projects it to reach $2 trillion by 2028.
Western Union’s venture into the stablecoin sector follows a little over three months after it first indicated intentions to incorporate stablecoins in July.
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